We currently have confidence rallies in all markets, except the USD.
Australian unemployment figures came out with a 45,900 extra jobs added (8 July 2010). A politically designed uplift via the government statisticians (ABS) in ready for elections in 2010 (although politically a risky play, because of it's bullshit figure). This caused the Japanese spec buyers to pile on more longs. Sustainable? Not at all, refer to The currency hit list: The Australian dollar (update 1) when Australian consumption is directly linked to an overinflated housing market (equity draw-downs) the so called Australian 'economic cushion' (from European debt crisis/China slowdown) is illusionary.
In summary, sharp corrective plays (property, capital expenditure, banks/lending rates/write-downs/loan provisions/mining/retail and finally 'realistic' unemployment numbers) should now occur within the Australian economy in the next 6mths.
First being the AUD correction with a 0.87 swing point (on a monthly chart) now activated.
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