Waiting for the parity party
Posted on 01 October 2009
Don’t put the champagne on ice just yet – we may have an interest rate differential supporting the currency – but commodity prices aren’t going anywhere fast.
The RBA updated its commodity price index today – it fell by 0.6% in September in SDR terms lead by wheat, nickel and aluminium. Gold was the biggest positive contributor. In Aussie dollar terms the index fell by 2.7%. With the developed world languishing, and China coming off its first half stockpiling, the outlook is not all rosy.
And for those of us suffering from galloping alzheimers, the following is a breakdown of the index:
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[...] fact that it continued to climb is partly a function of its composition (see here for a breakdown – note gold makes up a handy 9.5%) and partly the way it is calculated (eg. [...]