Exogenous Driver Analysis Driver

Relative GDP Growth

Relative Balance of Payments

Interest Rates Differentials and Carry

Stock Market Returns / Relative Wealth

Code Rate Score I/D Total State

0 10

-8 10

-1 10

3 10

High Scale 40
Low Scale -40 SCORE
Full Scale 80 -6
Half Scale 0
Comment
 Source

http://www.imf.org/external/country/USA/index.htm
http://www.imf.org/external/country/AUS/index.htm
http://databank.worldbank.org/data/views/variableselection/selectvariables.aspx?source=World-Development-Indicators#

https://www.bea.gov/international/xls/table1.xls
http://www.abs.gov.au/Ausstats/abs@.nsf/mf/5302.0

http://research.stlouisfed.org/fred2/categories/22/downloaddata
http://www.rba.gov.au/statistics/tables/index.html#interest_rates?accessed=2015-04-30-16-20-20

http://www.eoddata.com/stockquote/FOREX/AUDUSD.htm
https://sg.finance.yahoo.com/q/hp?s=%5EAXJO&a=10&b=23&c=1992&d=03&e=2&f=2015&g=d
Exogenous Driver Analysis Driver

Relative GDP Growth

Relative Balance of Payments

Interest Rates Differentials and Carry

Stock Market Returns / Relative Wealth

Code
 Source

http://www.imf.org/external/country/USA/index.htm
http://www.imf.org/external/country/AUS/index.htm
http://databank.worldbank.org/data/views/variableselection/selectvariables.aspx?source=World-Development-Indicators#

https://www.bea.gov/international/xls/table1.xls
http://www.abs.gov.au/Ausstats/abs@.nsf/mf/5302.0

https://research.stlouisfed.org/fred2/series/FEDFUNDS/downloaddata
http://www.rba.gov.au/statistics/tables/index.html#interest_rates?accessed=2015-04-30-16-20-20

http://www.eoddata.com/stockquote/FOREX/AUDUSD.htm
https://sg.finance.yahoo.com/q/hp?s=%5EAXJO&a=10&b=23&c=1992&d=03&e=2&f=2015&g=d
Date GDP US GDP Aus % US % Aus Diff AUD_USD
1974 5461.89 374.59 1.271
1975 5451.16 379.58 -0.20% 1.33% 1.53% 1.485
1976 5744.70 389.40 5.38% 2.59% -2.80% 1.3383
1977 6009.49 403.45 4.61% 3.61% -1.00% 1.2588
1978 6343.72 407.07 5.56% 0.90% -4.66% 1.087
1979 6545.15 423.57 3.18% 4.05% 0.88% 1.1382
1980 6529.17 457.81 -0.24% 8.08% 8.33% 1.1326
1981 6698.57 473.09 2.59% 3.34% 0.74% 1.1071
1982 6570.57 488.84 -1.91% 3.33% 5.24% 1.1684
1983 6874.95 477.99 4.63% -2.22% -6.85% 1.099
1984 7374.01 499.88 7.26% 4.58% -2.68% 0.9677
1985 7686.57 526.12 4.24% 5.25% 1.01% 0.9172
1986 7956.49 547.46 3.51% 4.06% 0.54% 0.8138
1987 8231.93 561.17 3.46% 2.51% -0.96% 0.7138
1988 8578.00 593.05 4.20% 5.68% 1.48% 0.659
1989 8893.71 615.99 3.68% 3.87% 0.19% 0.7067
1990 9064.41 637.95 1.92% 3.56% 1.65% 0.8866
1991 9057.70 635.48 -0.07% -0.39% -0.31% 0.7883
1992 9379.74 638.29 3.56% 0.44% -3.11% 0.7436
1993 9637.29 664.07 2.75% 4.04% 1.29% 0.6878
1994 10026.41 690.49 4.04% 3.98% -0.06% 0.7402
1995 10299.02 716.93 2.72% 3.83% 1.11% 0.7499
1996 10689.96 744.74 3.80% 3.88% 0.08% 0.7922
1997 11169.63 774.28 4.49% 3.97% -0.52% 0.7523
1998 11666.66 809.71 4.45% 4.58% 0.13% 0.6365
1999 12213.27 850.35 4.69% 5.02% 0.33% 0.6529
2000 12713.06 883.88 4.09% 3.94% -0.15% 0.5887
2001 12837.13 900.96 0.98% 1.93% 0.96% 0.5236
2002 13066.42 937.03 1.79% 4.00% 2.22% 0.5502
2003 13433.17 965.01 2.81% 2.99% 0.18% 0.6603
2004 13941.71 1003.62 3.79% 4.00% 0.22% 0.7453
2005 14408.09 1035.64 3.35% 3.19% -0.15% 0.7715
2006 14792.30 1064.99 2.67% 2.83% 0.17% 0.7622
2007 15055.39 1105.22 1.78% 3.78% 2.00% 0.8491
2008 15011.49 1145.64 -0.29% 3.66% 3.95% 0.8621
2009 14594.84 1167.67 -2.78% 1.92% 4.70% 0.8029
2010 14992.05 1191.64 2.72% 2.05% -0.67% 0.9317
2011 15224.55 1220.85 1.55% 2.45% 0.90% 1.0450
2012 15567.04 1268.36 2.25% 3.89% 1.64% 1.0481
2013 15853.79 1301.84 1.84% 2.64% 0.80% 0.9795
2014 16242.53 1335.15 2.45% 2.56% 0.11% 0.9131
2015 16710.46 1366.54 2.88% 2.35% -0.53% 0.7597
2016 16972.35 1405.18 1.57% 2.83% 1.26% 0.7542
2017 17348.62 1432.68 2.22% 1.96% -0.26% 0.7772
2018 17844.27 1473.30 2.86% 2.83% -0.02% 0.7440
2019
0.7883
AUD_USD%
AUD-USD Vs GDP Differentials
16.84%
-9.88% 10.00%
-5.94%
-13.65%
8.00%
4.71%
-0.49%
-2.25% 6.00%
5.54%
-5.94%
4.00%
-11.95%
-5.22%
-11.27% 2.00%
-12.29%
-7.68%
7.24% 0.00%
25.46%
-11.09%
-2.00%
-5.67%
-7.50%
7.62% -4.00%
1.30%
5.65%
-6.00%
-5.04%
-15.39%
2.58% -8.00%
-9.84%
-11.06%
5.09% -10.00%
20.01% 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00
19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 19 20
12.88%
3.50% If GDP Australia minus U.S. is falling - Deflationary for Australian Economy, Inflationary for U.S
-1.19% If GDP Australia minus U.S. is rising - Inflationary for Australian Economy, Deflationary for U.S.
11.39% Rule of thumb - on either side of the equation, whichever country experiences relative deflatio
1.53%
-6.87% 2020
16.04% US Projected 2 http://www.imf.org/external/country/USA/index.htm
12.17% Aus Projected 2.3 http://www.imf.org/external/country/AUS/index.htm
0.29% Diff 0.3
-6.55%
-6.78% Diff Score USD
-16.80% 5 10
-0.73% 4 8 Long AUD / Short USD
3.05% 3 6
-4.27% 2 4
1 2
0 0
-1 -2
-2 -4 Short AUD / Long USD
-3 -6
-4 -8
-5 -10
USD Vs GDP Differentials 1974-2014

35.00%
33.00%
31.00%
29.00%
27.00%
25.00%
23.00%
21.00%
19.00%
17.00%
15.00%
13.00%
11.00%
9.00%
7.00%
5.00%
3.00%
1.00%
-1.00%
-3.00%
-5.00%
-7.00%
-9.00%
-11.00%
-13.00%
-15.00%
-17.00%
-19.00%
-21.00%
-23.00%
-25.00%
-27.00%
-29.00%
-31.00%
-33.00%
-35.00%
91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19
19 19 19 19 19 19 19 19 19 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20

n Economy, Inflationary for U.S. Economy - Sell AUD, Buy USD - Policy Makers will react to inflate in AUS and Deflate in US
Economy, Deflationary for U.S. Economy - Buy AUD, Sell USD - Policy Makers will react to deflate in AUS and Inflate in U.S.
try experiences relative deflation will act with an easing bias i.e. try to inflate and vice versa.

USA/index.htm
AUS/index.htm
US and Deflate in US
US and Inflate in U.S.
[Millions of Dollars]
(Credits + Debits) 1960 1961 1962

Current Account
Exports of goods and services and income receipts 30,555 31,403 33,340
Imports of goods and services and income payments 27,732 27,581 29,953
Balance of Trade (Deficit -/+ Surplus) 2,823 3,822 3,387
Net Investment Income (-/+)

Balance - Positive = Dollars coming in, Negative = Dollars going out 2,823 3,822 3,387

Capital Account
Change in Foreign-owned assets in the United States 2,294 2,705 1,912
Change in U.S. owned assets abroad 4,099 5,538 4,174

Balance - Positive = Dollars coming in, Negative = Dollars going out 1,805 2,833 2,262

Error 1,018 989 1,125

Change in US Foreign Reserves -1,019 -989 -1,123

Change in US Foreign Reserves Negative = (CAB+CA) Surplus = US Net Exporter = US Dollars coming in / ROW reducing their USD FX reserves = USD in d
Change in US Foreign Reserves Positive = (CAB+CA) Deficit = US Net Importer = US Dollars going out / ROW increasing their USD FX reserves = USD in S

https://www.bea.gov/international/xls/table1.xls
 1963 1964 1965 1966 1967 1968 1969

35,776 40,164 42,722 46,454 49,354 54,912 60,133

31,365 33,342 37,293 43,425 46,770 54,299 59,734
4,411 6,822 5,429 3,029 2,584 613 399

4,411 6,822 5,429 3,029 2,584 613 399

3,217 3,643 741 3,661 7,379 9,928 12,702

7,270 9,560 5,715 7,321 9,757 10,977 11,584

4,053 5,917 4,974 3,660 2,378 1,049 -1,118

358 905 455 -631 206 -436 1,517

-361 -907 -457 629 -205 438 -1,517

heir USD FX reserves = USD in demand by ROW, - Long Currency Bias

eir USD FX reserves = USD in Supply to ROW - Short Currency Bias United States CAB Vs CA Vs Rese
400,000

200,000

-200,000

-400,000

-600,000

-800,000

-1,000,000
1960
1962
1964
1966
1968
1970

1974

1980
1982
1984
1986
1988
1990
1972

1976
1978
 1970 1971 1972 1973 1974 1975 1976

68,388 72,383 81,987 113,051 148,484 157,936 172,090

66,055 73,818 87,780 105,912 146,521 139,822 167,796
2,333 -1,435 -5,793 7,139 1,963 18,114 4,294

2,333 -1,435 -5,793 7,139 1,963 18,114 4,294

7,226 23,687 22,171 18,388 35,228 16,870 37,840

9,336 12,474 14,497 22,874 34,745 39,703 51,269

2,110 -11,213 -7,674 4,486 -483 22,833 13,429

223 9,778 1,881 2,653 2,446 -4,719 -9,135

-219 -9,779 -1,879 -2,654 -2,444 4,717 9,134

es CAB Vs CA Vs Reserves 1960-2013 United States CAB Vs CA V

400,000

200,000

-200,000

-400,000

-600,000

-800,000

-1,000,000
1981

1983

1985
1986
1987

1989

1991

1993
1994
1995

1997
1980

1982

1984

1988

1990

1992

1996
1980
1982
1984
1986
1988
1990

1994

2000
2002
2004

2008
2010
2012

2016
1978

1992

1996
1998

2006

2014

2018
 1977 1978 1979 1980 1981 1982 1983

184,657 220,515 287,967 344,440 380,928 371,757 362,137

198,992 235,659 288,250 342,124 375,898 377,296 400,828
-14,335 -15,144 -283 2,316 5,030 -5,539 -38,691

-14,335 -15,144 -283 2,316 5,030 -5,539 -38,691

52,770 66,275 40,693 62,036 85,684 109,897 95,715

34,785 61,130 66,053 86,968 114,147 142,722 74,690

-17,985 -5,145 25,360 24,932 28,463 32,825 -21,025

3,650 -9,999 -25,643 -22,616 -23,433 -38,364 -17,666

-3,651 9,997 25,647 22,614 23,433 38,362 17,666

d States CAB Vs CA Vs Reserves 1980-2013

1987

1989

1991

1993
1994
1995

1997

1999
2000
2001
2002
2003
2004

2008
2009
2010
2011
2012

2016
2017
2018
1988

1990

1992

1996

1998

2005
2006
2007

2013
2014
2015
 1984 1985 1986 1987 1988 1989 1990

406,733 394,117 412,832 462,472 572,816 653,387 712,128

501,074 512,274 560,007 623,127 693,969 752,874 791,097
-94,341 -118,157 -147,175 -160,655 -121,153 -99,487 -78,969
-207 -7,221

-94,341 -118,157 -147,175 -160,655 -121,153 -99,694 -86,190

126,413 146,544 223,854 251,863 244,008 230,302 162,109

50,740 47,064 107,252 84,058 105,747 182,908 103,985

-75,673 -99,480 -116,602 -167,805 -138,261 -47,394 -58,124

-18,668 -18,677 -30,573 7,150 17,108 -52,300 -28,066

18,673 18,677 30,570 -7,149 -17,108 52,299 28,066

 1991 1992 1993 1994 1995 1996 1997

733,670 755,964 784,469 872,701 1,008,048 1,081,132 1,195,810

730,773 807,574 869,272 994,314 1,121,616 1,205,896 1,336,538
2,897 -51,610 -84,803 -121,613 -113,568 -124,764 -140,728
-5,129 1,449 -714 -1,112 -221 -8 -256

-2,232 -50,161 -85,517 -122,725 -113,789 -124,772 -140,984

119,586 178,842 278,607 312,995 446,393 559,027 720,999

75,753 84,899 199,399 188,758 363,555 424,548 502,024

-43,833 -93,943 -79,208 -124,237 -82,838 -134,479 -218,975

41,601 43,782 -6,309 1,512 -30,951 9,707 77,991

-41,601 -43,776 6,313 -1,514 30,951 -9,706 -77,995

 1998 1999 2000 2001 2002 2003 2004

1,199,418 1,303,581 1,469,648 1,344,232 1,318,312 1,407,044 1,637,953

1,414,479 1,591,945 1,873,098 1,733,922 1,769,109 1,925,788 2,269,544
-215,061 -288,364 -403,450 -389,690 -450,797 -518,744 -631,591
-7 -4,176 -1 13,198 -141 -1,821 3,049

-215,068 -292,540 -403,451 -376,492 -450,938 -520,565 -628,542

452,901 765,215 1,066,074 788,345 821,844 911,660 1,600,881

385,936 526,612 587,682 386,308 319,170 371,074 1,058,654

-66,965 -238,603 -478,392 -402,037 -502,674 -540,586 -542,227

-148,103 -53,937 74,941 25,545 51,736 20,021 -86,315

148,106 53,938 -74,941 -25,546 -51,735 -20,021 86,316

0 1
 2005 2006 2007 2008 2009 2010 2011

1,885,833 2,209,157 2,559,331 2,742,258 2,283,060 2,623,991 2,981,547

2,631,067 3,015,121 3,270,365 3,423,647 2,655,581 3,055,256 3,427,209
-745,234 -805,964 -711,034 -681,389 -372,521 -431,265 -445,662
13,116 -1,788 384 6,010 -140 -157 -1,186

-732,118 -807,752 -710,650 -675,379 -372,661 -431,422 -446,848

1,277,056 2,120,480 2,190,087 462,408 325,644 1,391,042 983,522

562,983 1,324,607 1,563,459 -317,607 131,074 958,703 492,530

-714,073 -795,873 -626,628 -780,015 -194,570 -432,339 -490,992

-18,045 -11,879 -84,022 104,636 -178,091 917 44,144

18,045 -17,832 77,801 -71,690 133,275 -14,992 -79,150

0 -29,711 -6,221 32,946 -44,816 -14,075 -35,006

-157,863
 2012 2013 2014 2015 2016 2017 2018

3,095,038 3,212,991 3,341,768 3,207,288 3,188,508 3,444,824 3,735,684

3,521,871 3,561,792 3,706,967 3,615,053 3,616,858 3,884,470 4,226,662
-426,833 -348,801 -365,199 -407,765 -428,350 -439,646 -490,978
6,904 -412 -45 -42 -152 18,950 3,235

-419,929 -349,213 -365,244 -407,807 -428,502 -420,696 -487,743

632,034 1,052,068 1,109,443 501,121 742,905 1,549,024 735,583

176,764 649,587 866,523 202,208 353,036 1,167,447 310,827

-455,270 -402,481 -242,920 -298,913 -389,869 -381,577 -424,756

35,341 53,268 -122,324 -108,894 -38,633 -39,119 -62,987

-28,277 -51,046 67,989 81,859 46,460 63,117 42,266

7,064 2,222 -54,335 -27,035 7,827 23,998 -20,721

Change in US Foreign Reserves Negative = (CAB+CA) Surplus = US Net Exporter = US Dollars coming in / ROW reducing their USD FX r
Change in US Foreign Reserves Positive = (CAB+CA) Deficit = US Net Importer = US Dollars going out / ROW increasing their USD FX r
 Current Account
Exports of goods and services and income receipts
Imports of goods and services and income payments
Balance of Trade (Deficit -/+ Surplus)
Net Investment Income (-/+)

Balance - Positive = Dollars coming in, Negative = Dollars going out

Capital Account
Change in Foreign-owned assets in the United States
Change in U.S.-owned assets abroad

Balance - Positive = Dollars coming in, Negative = Dollars going out

Error

Change in US Foreign Reserves

n / ROW reducing their USD FX reserves = USD in demand by ROW, - Long Currency Bias
/ ROW increasing their USD FX reserves = USD in Supply to ROW - Short Currency Bias
Date CAB CA+FA Error Change in Foreign Reserves AUD_USD
Dec-1959 13 22 35 -35
Dec-1960 -178 165 -13 13
Dec-1961 109 -10 99 -99
Dec-1962 -50 74 24 -24
Dec-1963 115 -111 4 -4
Dec-1964 -111 93 -18 18
Dec-1965 -204 171 -33 33
Dec-1966 -109 141 32 -32
Dec-1967 -195 284 89 -89
Dec-1968 -192 196 4 -4
Dec-1969 -172 170 -2 2
Dec-1970 -184 186 2 -2
Dec-1971 -182 75 -107 107
Dec-1972 230 -375 -145 145
Dec-1973 -5 42 37 -37
Dec-1974 -448 316 -132 132 1.271
Dec-1975 -397 545 148 -148 1.485
Dec-1976 -447 728 281 -281 1.3383
Dec-1977 -236 630 394 -394 1.2588
Dec-1978 -972 1006 34 -34 1.087
Dec-1979 -235 327 92 -92 1.1382
Dec-1980 -1173 905 -268 268 1.1326
Dec-1981 -2102 2725 623 -623 1.1071
Dec-1982 -1344 1191 -153 153 1.1684
Dec-1983 -1205 632 -573 573 1.099
Dec-1984 -2744 2073 -671 671 0.9677
Dec-1985 -3375 3303 -72 72 0.9172
Dec-1986 -2797 2818 21 -21 0.8138
Dec-1987 -2236 3026 790 -790 0.7138
Dec-1988 -4022 3554 -468 468 0.659
Dec-1989 -6034 5540 -494 494 0.7067
Dec-1990 -4842 4714 -128 129 0.8866
Dec-1991 -2769 2984 215 -215 0.788264
Dec-1992 -3151 2711 -440 440 0.743604
Dec-1993 -3075 3323 248 -247 0.687798
Dec-1994 -6128 6109 -19 19 0.740236
Dec-1995 -6057 5307 -750 751 0.74986
Dec-1996 -4540 4630 90 -90 0.792248
Dec-1997 -5237 5290 53 -53 0.752292
Dec-1998 -7235 6874 -361 361 0.636508
Dec-1999 -7225 6557 -668 668 0.6529116
Dec-2000 -5101 4384 -717 717 0.5886824
Dec-2001 -4818 4702 -116 115 0.5235804
Dec-2002 -9716 9118 -598 598 0.550244
Dec-2003 -11544 11447 -97 97 0.6603264
Dec-2004 -16789 16139 -650 650 0.745348
Dec-2005 -14190 14106 -84 84 0.7714512
Dec-2006 -16740 16365 -375 374 0.7622484
Dec-2007 -21585 22072 487 -487 0.8490888
Dec-2008 -9082 8116 -966 965 0.8621172
Dec-2009 -21361 23103 1742 -1742 0.8029192
Dec-2010 -12330 13521 1191 -1190 0.9316788
Dec-2011 -11919 13571 1652 -1652 1.0450396
Dec-2012 -18715 17898 -817 818 1.0481076
Dec-2013 -12304 11176 -1128 1128 0.9794844
Dec-2014 -12733 12810 77 -77 0.9131092
Dec-2015 -22595 21998 -597 597 0.7596984
Dec-2016 -6043 4361 -1682 1682 0.7541776
Dec-2017 -15891 16379 488 -489 0.7771912
Dec-2018 -6524 8333 1809 -1810 0.7440224

http://www.abs.gov.au/Ausstats/abs@.nsf/mf/5302.0
AUD_USD%

Australia
25000
23000
21000
19000
17000
15000
13000
11000
9000
7000
16.84% 5000
-9.88% 3000
-5.94% 1000
-13.65% -1000
4.71%
-3000
-0.49%
-2.25% -5000
5.54% -7000
-5.94% -9000
-11.95%
-11000
-5.22%
-13000
-11.27%
-12.29% -15000
-7.68% -17000
7.24% -19000
25.46%
-21000
-11.09%
-5.67% -23000
Dec-1980 Dec-1983 Dec-1986 Dec-1989 Dec-
-7.50%
7.62%
1.30%
5.65%
-5.04% AUD/USD Vs C
-15.39%
2.58% 2000
-9.84% 1800
-11.06%
5.09% 1600
20.01% 1400
12.88%
1200
3.50%
-1.19% 1000
11.39%
800 671
1.53%
573
-6.87% 600 468 494 440
16.04%
400
12.17%
200 153 129
0.29% 72
-6.55% -21
0
-6.78% -215
-200
-400
-623
-600
-790
-800
 400
200 153 129
72
-21
0
-215
-16.80% -200
-0.73% -400
3.05% -623
-4.27% -600
-790
-800
-1000
-1200
-1400
-1600
-1800
-2000
Dec-1980 Dec-1983 Dec-1986 Dec-1989 Dec-1
 Australia CAB Vs CA Vs Reserves 1980-2013
1.25
1.20
1.15
1.10
1.05
1.00
0.95
0.90
0.85
0.80
0.75
0.70
0.65
0.60
0.55
0.50
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
Dec-1986 Dec-1989 Dec-1992 Dec-1995 Dec-1998 Dec-2001 Dec-2004 Dec-2007 Dec-2010 Dec-2013

AUD/USD Vs Change in Foreign AUS Reserves 1980-2013

1.40
1.35
1.30
1.25
1128 1.20
965
1.15
818
751
668 717 650
1.10
598
468 494 1.05
440
361 374
1.00
129 115 97 84 0.95
-21 19
-90 -53 0.90
-215 -247 0.85
-487 0.80
0.75
-790
0.70
 361 374
1.00
129 115 97 84 0.95
-21 19
-90 -53 0.90
-215 -247 0.85
-487 0.80
0.75
-790
0.70
0.65
-1190
0.60
0.55
-1652 0.50
-1742
0.45
0.40
Dec-1986 Dec-1989 Dec-1992 Dec-1995 Dec-1998 Dec-2001 Dec-2004 Dec-2007 Dec-2010 Dec-2013
 1.25
1.20
1.15
1.10
1.05
1.00
0.95
0.90
0.85
0.80
0.75
0.70
0.65
0.60
0.55
0.50
0.45
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
Dec-2013

1.40
1.35
1.30
1.25
1128 1.20

1.15
818
1.10
1.05
1.00
0.95
0.90
0.85
0.80
0.75
0.70
 1.00
0.95
0.90
0.85
0.80
0.75
0.70
0.65
0.60
0.55
0.50
0.45
0.40
Dec-2013
Date Change in US Foreign Reserves Change in Aus' Foreign Reserves AUD/USD FX Reserves
1960 -1,019 13 -0.0128
1961 -989 -99 0.1001
1962 -1,123 -24 0.0214
1963 -361 -4 0.0111
1964 -907 18 -0.0198
1965 -457 33 -0.0722
1966 629 -32 -0.0509
1967 -205 -89 0.4341
1968 438 -4 -0.0091
1969 -1,517 2 -0.0013
1970 -219 -2 0.0091
1971 -9,779 107 -0.0109
1972 -1,879 145 -0.0772
1973 -2,654 -37 0.0139
1974 -2,444 132 -0.0540
1975 4,717 -148 -0.0314
1976 9,134 -281 -0.0308
1977 -3,651 -394 0.1079
1978 9,997 -34 -0.0034
1979 25,647 -92 -0.0036
1980 22,614 268 0.0119
1981 23,433 -623 -0.0266
1982 38,362 153 0.0040
1983 17,666 573 0.0324
1984 18,673 671 0.0359
1985 18,677 72 0.0039
1986 30,570 -21 -0.0007
1987 -7,149 -790 0.1105
1988 -17,108 468 -0.0274
1989 52,299 494 0.0094
1990 28,066 129 0.0046
1991 -41,601 -215 0.0052
1992 -43,776 440 -0.0101
1993 6,313 -247 -0.0391
1994 -1,514 19 -0.0125
1995 30,951 751 0.0243
1996 -9,706 -90 0.0093
1997 -77,995 -53 0.0007
1998 148,106 361 0.0024
1999 53,938 668 0.0124
2000 -74,941 717 -0.0096
2001 -25,546 115 -0.0045
2002 -51,735 598 -0.0116
2003 -20,021 97 -0.0048
2004 86,316 650 0.0075
2005 18,045 84 0.0047
2006 -17,832 374 -0.0210
2007 77,801 -487 -0.0063
2008 -71,690 965 -0.0135
2009 133,275 -1742 -0.0131
2010 -14,992 -1190 0.0794
2011 -79,150 -1652 0.0209
 2012 -28,277 818 -0.0289
2013 -51,046 1128 -0.0221
2014 67,989 -77 -0.0011
2015 81,859 597 0.0073
2016 46,460 1682 0.0362
2017 63,117 -489 -0.0077
2018 42,266 -1810 -0.0428

Relatioship;- Decrease in AUD Foreign Currency Reserves ROW = Long AUD/USD Bias - When Australian Foreign Currency Reserves are d
The ROW is decreasing its AUD reserves and Aussie Dollars are more in demand than USD - Long Currency Bias

Increase in AUD Foreign Currency Reserves ROW = Short AUD/USD - When Australian Foreign Currency Reserves are increa
The ROW is increasing its AUD reserves and Aussie Dollars are more in Supply than USD - Short Currency Bias

If Australian Exports are increasing at a faster pace than Imports from the U.S. then the U.S. will be reducing AUD Foreign C
If Australian Exports are decreasing at a faster pace than Imports from the U.S. then the U.S. will be increasing their AUD re

We must now look at the make-up of Australian Exports, to understand when to buy and sell the AUD/USD exchange rate
A reduction in Australian Exports means the ROW is no longer depleting their AUD reserves and are now increasing AUD res
AUD_USD AUD_USD%

AUD/USD FX Reserves (Ratio) inverted with 3 Year

-0.0500
-0.0450
-0.0400
-0.0350
-0.0300
-0.0250
-0.0200
-0.0150
-0.0100
-0.0050
0.0000
0.0050
0.0100
1.271 0.0150
1.485 16.84% 0.0200
1.3383 -9.88% 0.0250
1.2588 -5.94% 0.0300
0.0350
1.087 -13.65%
0.0400
1.1382 4.71% 0.0450
1.1326 -0.49% 0.0500
1.1071 -2.25% 0.0550
1.1684 5.54% 0.0600
1.099 -5.94% 0.0650
0.0700
0.9677 -11.95%
0.0750
0.9172 -5.22% 0.0800
0.8138 -11.27% 0.0850
0.7138 -12.29% 0.0900
0.659 -7.68% 0.0950
0.1000
0.7067 7.24%
0.1050
0.8866 25.46% 0.1100
0.7883 -11.09% 0.1150
0.7436 -5.67% 0.1200
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
0.6878 -7.50%
0.7402 7.62%
0.7499 1.30%
AUD/USD FX Reserves Moving average (AUD/USD F
0.7922 5.65%
0.7523 -5.04%
0.6365 -15.39%
0.6529 2.58%
0.5887 -9.84%
0.5236 -11.06%
0.5502 5.09%
0.6603 20.01%
0.7453 12.88%
0.7715 3.50%
0.7622 -1.19%
0.8491 11.39%
0.8621 1.53%
0.8029 -6.87%
0.9317 16.04%
1.0450 12.17%
 1.0481 0.29%
0.9795 -6.55%
0.9131 -6.78%
0.7597 -16.80%
0.7542 -0.73%
0.7772 3.05%
0.7440 -4.27%

reign Currency Reserves are decreasing relative to the United States' Foreign Currency Reserves, AUD/USD rises because Australia is a net net exporter
ng Currency Bias

Currency Reserves are increasing relative to the United States' Foreign Currency Reserves AUD/USD falls because Australia is a net importer relative to
t Currency Bias

ill be reducing AUD Foreign Currency Reserves and Aussie Dollars will be in Demand
will be increasing their AUD reserves and AUD is in supply to the U.S.

he AUD/USD exchange rate

d are now increasing AUD reserves. In order to maintain previous levels of exports, Australia may be forced to stimulate exports by reducing Relative In
inverted with 3 Year Moving Average Vs AUD/USD
1.30

1.20

1.10

1.00

0.90

0.80

0.70

0.60

0.50

0.40

0.30

0.20

0.10

0.00
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018

Moving average (AUD/USD FX Reserves) AUD/USD Price

Australia is a net net exporter relative to the U.S. meaning AUD are coming into Australia from ROW and USD are going out

ia is a net importer relative to the U.S. meaning AUD are going out of Australia to ROW and USD are coming in

exports by reducing Relative Interest Rates / Relative Carry forcing the ROW to sell their AUD reserves.
Australian Exports and Imports by %

Exports Imports
Iron Ore 22.00% Crude 8.50% China
Coal 18.00% Cars 7.30% Japan
Pet Gas 5.50% Ref Pet 6.30% South Korea
Gold 5.40% Trucks 3.60% India
Crude 4.50% Medicine 3.40% U.S.

Total 55.40% 29.10% Total

Iron Ore Prices http://ycharts.com/indicators/iron_ore_spot_price_any_origin

Australia Coal Prices http://ycharts.com/indicators/australia_coal_price_imf
China Coal Consumption http://ycharts.com/indicators/china_coal_consumption
Japan Coal Consumption http://ycharts.com/indicators/japan_coal_consumption
 Export Markets % Import Markets %
29.00% China 18.00%
20.00% U.S. 12.00%
8.40% Japan 8.20%
5.30% Singapore 5.60%
3.60% Germany 5.00%

66.30% 48.80%

ot_price_any_origin http://www.barchart.com/futures/commodities/ITI
al_price_imf
consumption
consumption
 Date AUDUSD Iron Ore Iron Ore/100
Feb-2006 0.7425 31/01/06 67.2 0.672
Mar-2006 0.7163 28/02/06 65.2 0.652
Apr-2006 0.7577 31/03/06 66.7 0.667
May-2006 0.7524 30/04/06 67.3 0.673 1.30
1.28
Jun-2006 0.7423 31/05/06 67.3 0.673 1.26
0.7662 30/06/06 69.3 1.24
Jul-2006 0.693
1.22
Aug-2006 0.764 31/07/06 70.5 0.705 1.20
1.18
Sep-2006 0.7464 31/08/06 69.8 0.698 1.16
Oct-2006 0.7742 30/09/06 70 0.7 1.14
1.12
Nov-2006 0.7885 31/10/06 71.7 0.717 1.10
Dec-2006 0.7893 30/11/06 73.5 0.735 1.08
1.06
Jan-2007 0.7768 31/12/06 73.5 0.735 1.04
0.7881 31/01/07 78.2 1.02
Feb-2007 0.782
1.00
Mar-2007 0.8085 28/02/07 82.66 0.8266 0.98
0.96
Apr-2007 0.8307 31/03/07 88.55 0.8855 0.94
May-2007 0.8277 30/04/07 91.26 0.9126 0.92
0.90
Jun-2007 0.8488 31/05/07 102.02 1.0202 0.88
Jul-2007 0.851 30/06/07 103.21 1.0321 0.86
0.84
Aug-2007 0.8177 31/07/07 106.09 1.0609 0.82
0.8873 31/08/07 121.89 0.80
Sep-2007 1.2189 0.78
Oct-2007 0.9323 30/09/07 148.65 1.4865 0.76
0.74
Nov-2007 0.8842 31/10/07 168.11 1.6811 0.72
Dec-2007 0.8759 30/11/07 195.09 1.9509 0.70
0.68
Jan-2008 0.8961 31/12/07 190.12 1.9012 0.66
Feb-2008 0.9315 31/01/08 193.37 1.9337 0.64
0.62
Mar-2008 0.9127 29/02/08 186.12 1.8612 0.60
0.58
Apr-2008 0.9425 31/03/08 197.12 1.9712 0.56
May-2008 0.9559 30/04/08 195.95 1.9595 0.54
6 6 7 08 9 0
Jun-2008 0.9579 31/05/08 192.95 1.9295 00 00 00 20 00 01
b-2 c-2 t-2 g- n-
2 r-2
Jul-2008 0.9418 30/06/08 183.93 1.8393 Fe De Oc Au Ju Ap
Aug-2008 0.8582 31/07/08 180.5 1.805
Sep-2008 0.7944 31/08/08 178.74 1.7874
Oct-2008 0.6679 30/09/08 139.64 1.3964 See Dalian Commodities Exchange (DCE) Iron Ore Futu
Nov-2008 0.6551 31/10/08 88.67 0.8867
Dec-2008 0.7076 30/11/08 64.95 0.6495
Jan-2009 0.6351 31/12/08 69.98 0.6998
Feb-2009 0.6399 31/01/09 72.51 0.7251
Mar-2009 0.6922 28/02/09 75.59 0.7559
Apr-2009 0.7252 31/03/09 64.07 0.6407
May-2009 0.8012 30/04/09 59.78 0.5978
Jun-2009 0.8069 31/05/09 62.69 0.6269
Jul-2009 0.8354 30/06/09 71.66 0.7166
Aug-2009 0.8445 31/07/09 83.95 0.8395
Sep-2009 0.8837 31/08/09 97.67 0.9767
Oct-2009 0.8993 30/09/09 80.71 0.8071
Nov-2009 0.9151 31/10/09 86.79 0.8679
Dec-2009 0.8973 30/11/09 99.26 0.9926
Jan-2010 0.8847 31/12/09 105.07 1.0507
Feb-2010 0.8951 31/01/10 125.72 1.2572
Mar-2010 0.9167 28/02/10 127.49 1.2749
Apr-2010 0.9246 31/03/10 139.69 1.3969
May-2010 0.8466 30/04/10 172.47 1.7247
Jun-2010 0.84 31/05/10 161.35 1.6135
Jul-2010 0.9042 30/06/10 143.63 1.4363
Aug-2010 0.8909 31/07/10 126.36 1.2636
Sep-2010 0.9668 31/08/10 145.34 1.4534
Oct-2010 0.9837 30/09/10 140.62727 1.4062727
Nov-2010 0.9577 31/10/10 148.48095 1.4848095
Dec-2010 1.0217 30/11/10 156.1 1.561
Jan-2011 0.9967 31/12/10 163.1 1.631
Feb-2011 1.0186 31/01/11 179.18 1.7918
Mar-2011 1.0328 28/02/11 187.18 1.8718
Apr-2011 1.0967 31/03/11 169.36 1.6936
May-2011 1.0671 30/04/11 179.33 1.7933
Jun-2011 1.0722 31/05/11 177.05 1.7705
Jul-2011 1.0995 30/06/11 170.88 1.7088
Aug-2011 1.0702 31/07/11 172.98 1.7298
Sep-2011 0.9664 31/08/11 177.5 1.775
Oct-2011 1.0536 30/09/11 177.23 1.7723
Nov-2011 1.0276 31/10/11 150.43 1.5043
Dec-2011 1.0228 30/11/11 135.54 1.3554
Jan-2012 1.0616 31/12/11 136.39 1.3639
Feb-2012 1.0732 31/01/12 140.26 1.4026
Mar-2012 1.0346 29/02/12 140.4 1.404
Apr-2012 1.0426 31/03/12 144.66 1.4466
May-2012 0.9729 30/04/12 147.64 1.4764
Jun-2012 1.024 31/05/12 136.61 1.3661
Jul-2012 1.0502 30/06/12 134.66 1.3466
Aug-2012 1.0322 31/07/12 127.94 1.2794
Sep-2012 1.0378 31/08/12 107.5 1.075
Oct-2012 1.0375 30/09/12 99.47 0.9947
Nov-2012 1.0428 31/10/12 113.95 1.1395
Dec-2012 1.0394 30/11/12 120.35 1.2035
Jan-2013 1.0424 31/12/12 128.51111 1.2851111
Feb-2013 1.0214 31/01/13 150.49091 1.5049091
Mar-2013 1.0419 28/02/13 154.63889 1.5463889
Apr-2013 1.0371 31/03/13 139.87 1.3987
May-2013 0.9573 30/04/13 137.39091 1.3739091
Jun-2013 0.9137 31/05/13 124.00952 1.2400952
Jul-2013 0.8982 30/06/13 114.815 1.14815
Aug-2013 0.89 31/07/13 127.1913 1.271913
Sep-2013 0.9317 31/08/13 137.055 1.37055
Oct-2013 0.9459 30/09/13 134.18571 1.3418571
Nov-2013 0.9112 31/10/13 132.57273 1.3257273
Dec-2013 0.8918 30/11/13 136.32381 1.3632381
Jan-2014 0.8756 31/12/13 135.79048 1.3579048
Feb-2014 0.8929 31/01/14 128.119 1.28119
Mar-2014 0.9264 28/02/14 121.37 1.2137
Apr-2014 0.9288 31/03/14 111.833 1.11833
May-2014 0.9312 30/04/14 114.581 1.14581
Jun-2014 0.9432 31/05/14 100.56 1.0056
Jul-2014 0.9296 30/06/14 92.743 0.92743
Aug-2014 0.9338 31/07/14 96.05 0.9605
Sep-2014 0.8746 31/08/14 92.614 0.92614
Oct-2014 0.8798 30/09/14 82.37955 0.8237955
Nov-2014 0.8510 31/10/14 81 0.81
Dec-2014 0.8170 30/11/14 74 0.74
Jan-2015 0.8075 31/12/14 68 0.68
Feb-2015 0.7793 31/01/15 68 0.68
Mar-2015 0.7734 28/02/15 63 0.63
Apr-2015 0.7721 31/03/15 53 0.53
May-2015 0.7884 30/04/15 57.87 0.5787
Jun-2015 0.7708 31/05/15 58.67 0.5867
Jul-2015 0.7416 30/06/15 60 0.6
Aug-2015 0.7303 31/07/15 55.73 0.5573
Sep-2015 0.7057 31/08/15 56.8 0.568
Oct-2015 0.7200 30/09/15 55.73 0.5573
Nov-2015 0.7146 31/10/15 49.6 0.496
Dec-2015 0.7244 30/11/15 45 0.45
Jan-2016 0.7027 31/12/15 44 0.44
Feb-2016 0.7129 31/01/16 42.93 0.4293
Mar-2016 0.7493 29/02/16 49.33 0.4933
Apr-2016 0.7662 31/03/16 54.67 0.5467
May-2016 0.7317 30/04/16 64.53 0.6453
Jun-2016 0.7397 31/05/16 51 0.51
Jul-2016 0.7525 30/06/16 54.64 0.5464
Aug-2016 0.7622 31/07/16 60.4 0.604
Sep-2016 0.7578 31/08/16 59.44 0.5944
Oct-2016 0.7616 30/09/16 57.04 0.5704
Nov-2016 0.7527 31/10/16 64.96 0.6496
Dec-2016 0.7339 30/11/16 74.56 0.7456
Jan-2017 0.7443 31/12/16 80.32 0.8032
Feb-2017 0.7664 31/01/17 83.44 0.8344
Mar-2017 0.7622 28/02/17 91.6 0.916
Apr-2017 0.7545 31/03/17 81.28 0.8128
May-2017 0.7434 30/04/17 67.6 0.676
Jun-2017 0.7544 31/05/17 58.24 0.5824
Jul-2017 0.7792 30/06/17 63.52 0.6352
Aug-2017 0.7917 31/07/17 73.12 0.7312
Sep-2017 0.7973 31/08/17 76.24 0.7624
Oct-2017 0.7796 30/09/17 61.36 0.6136
Nov-2017 0.7626 31/10/17 58.48 0.5848
Dec-2017 0.7644 30/11/17 68.56 0.6856
Jan-2018 0.7947 31/12/17 74 0.74
Feb-2018 0.7878 31/01/18 73 0.73
Mar-2018 0.7758 28/02/18 80.32 0.8032
Apr-2018 0.7684 31/03/18 65.2 0.652
May-2018 0.7527 30/04/18 66.88 0.6688
Jun-2018 0.7496 31/05/18 65.68 0.6568
Jul-2018 0.7406 30/06/18 67.12 0.6712
Aug-2018 0.7334 31/07/18 68.32 0.6832
Sep-2018 0.7196 31/08/18 67.12 0.6712
Oct-2018 0.7105 30/09/18 69.52 0.6952
Nov-2018 0.7242 31/10/18 75.52 0.7552
Dec-2018 0.7167 30/11/18 65.2 0.652
Jan-2019 0.7147 31/12/18 71.44 0.7144
Feb-2019 0.7152 31/01/19 84.4 0.844
Mar-2019 0.7082 28/02/19 84.88 0.8488
Apr-2019 0.7114 31/03/19 86.32 0.8632
May-2019 0.6948 30/04/19 96.64 0.9664
Jun-2019 0.6946 31/05/19 105.52 1.0552
Jul-2019 0.6987 30/06/19 116.56 1.1656
Aug-2019 0.6771 31/07/19 120.64 1.2064
Sep-2019 0.6805 31/08/19 86.56 0.8656
Oct-2019 0.6795 30/09/19 92.8 0.928
Nov-2019 0.6832 31/10/19 82.96 0.8296
Dec-2019 0.6880 30/11/19 87 0.87
Jan-2020 0.6876 31/12/19 92 0.92
Feb-2020 31/01/20 96.4 0.964
Mar-2020 29/02/20 83.5 0.835
Apr-2020
May-2020
Jun-2020
Jul-2020
Aug-2020
Sep-2020
Oct-2020
Nov-2020
Dec-2020
Jan-2021
Feb-2021
Mar-2021
Apr-2021
May-2021
Jun-2021
Jul-2021
Aug-2021
Sep-2021
Oct-2021
Nov-2021
Dec-2021
Jan-2022
Feb-2022
Mar-2022
Apr-2022
May-2022
 AUD_USD Vs Iron Ore 2006-2020
2.30
2.20
2.10
2.00
1.90
1.80
1.70
1.60
1.50
1.40
1.30
1.20
1.10
1.00
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
07 00
8 09 01
0
01
1
01
1
01
2
01
3
01
4
01
5
01
6
01
6
01
7
01
8
01
9
20 -2 20 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2 -2
g n- r b c t g n r b c t g n
Au Ju Ap F e De Oc Au Ju Ap F e De Oc Au Ju

s Exchange (DCE) Iron Ore Future http://www.barchart.com/commodityfutures/Dce_Iron_Ore/YYJ15

 2.30
2.20
2.10
2.00
1.90
1.80
1.70
1.60
1.50
1.40
1.30
1.20
1.10
1.00
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
8 9
01 01
g -2 n-2
Au Ju
Iron Ore Monthly Distribution

Average 0.4299%
Count 109

Period Iron Ore Spot % Returns

31/01/06 67.2 Intervals Bin Frequency
28/02/06 65.2 -2.9762% -0.2 -0.2 5
31/03/06 66.7 2.3006% -0.15 -0.15 8
30/04/06 67.3 0.8996% -0.1 -0.1 10
31/05/06 67.3 0.0000% -0.05 -0.05 18
30/06/06 69.3 2.9718% 0 0 33
31/07/06 70.5 1.7316% 0.05 0.05 42
31/08/06 69.8 -0.9929% 0.1 0.1 26
30/09/06 70 0.2865% 0.15 0.15 15
31/10/06 71.7 2.4286% 0.2 0.2 10
30/11/06 73.5 2.5105% More 2
31/12/06 73.5 0.0000%
31/01/07 78.2 6.3946%
28/02/07 82.66 5.7033% Iron Ore Mont
31/03/07 88.55 7.1256% 45
30/04/07 91.26 3.0604%
31/05/07 102.02 11.7905% 40
30/06/07 103.21 1.1664%
31/07/07 106.09 2.7904% 35
31/08/07 121.89 14.8930%
30/09/07 148.65 21.9542% 30
31/10/07 168.11 13.0912%
30/11/07 195.09 16.0490% 25
31/12/07 190.12 -2.5475%
31/01/08 193.37 1.7094% 20
29/02/08 186.12 -3.7493%
31/03/08 197.12 5.9102% 15
30/04/08 195.95 -0.5935%
31/05/08 192.95 -1.5310% 10
30/06/08 183.93 -4.6748%
31/07/08 180.5 -1.8648% 5

31/08/08 178.74 -0.9751%

0
30/09/08 139.64 -21.8753%
0% 0% 5% 0% -5
%
31/10/08 88.67 -36.5010% -2 -2 -1 -1 to
an to to to
30/11/08 64.95 -26.7509% th 5% 0% % 0%
ss -1 -1 -5
Le
31/12/08 69.98 7.7444%
31/01/09 72.51 3.6153%
28/02/09 75.59 4.2477% We want to capture the monthly 7-10% average moves thus cre
31/03/09 64.07 -15.2401% When Iron Ore and Coal prices are falling this is most likely due t
30/04/09 59.78 -6.6958% When Iron Ore and Coal prices are rising this is most likely due t
31/05/09 62.69 4.8678%
30/06/09 71.66 14.3085%
31/07/09 83.95 17.1504% Latest Month Score
31/08/09 97.67 16.3431% 3 Std Dev 10
30/09/09 80.71 -17.3646% 2 Std Dev 8
31/10/09 86.79 7.5331% 1 Std Dev 6 Long AUD / Short USD
30/11/09 99.26 14.3680% Av Pos 4
31/12/09 105.07 5.8533% PA% 2
31/01/10 125.72 19.6536% 0 0
28/02/10 127.49 1.4079% PA% -2
31/03/10 139.69 9.5694% Av Neg -4
30/04/10 172.47 23.4662% 1 Std -6 Short AUD / Long USD
31/05/10 161.35 -6.4475% 2 Std -8
30/06/10 143.63 -10.9823% 3 Std -10
31/07/10 126.36 -12.0240% Latest = -13.3817%
31/08/10 145.34 15.0206%
30/09/10 140.62727 -3.2426%
31/10/10 148.48095 5.5847%
30/11/10 156.1 5.1313%
31/12/10 163.1 4.4843%
31/01/11 179.18 9.8590%
28/02/11 187.18 4.4648%
31/03/11 169.36 -9.5202%
30/04/11 179.33 5.8869%
31/05/11 177.05 -1.2714%
30/06/11 170.88 -3.4849%
31/07/11 172.98 1.2289%
31/08/11 177.5 2.6130%
30/09/11 177.23 -0.1521%
31/10/11 150.43 -15.1216%
30/11/11 135.54 -9.8983%
31/12/11 136.39 0.6271%
31/01/12 140.26 2.8375%
29/02/12 140.4 0.0998%
31/03/12 144.66 3.0342%
30/04/12 147.64 2.0600%
31/05/12 136.61 -7.4709%
30/06/12 134.66 -1.4274%
31/07/12 127.94 -4.9903%
31/08/12 107.5 -15.9762%
30/09/12 99.47 -7.4698%
31/10/12 113.95 14.5572%
30/11/12 120.35 5.6165%
31/12/12 128.51111 6.7811%
31/01/13 150.49091 17.1034%
28/02/13 154.63889 2.7563%
31/03/13 139.87 -9.5506%
30/04/13 137.39091 -1.7724%
31/05/13 124.00952 -9.7396%
30/06/13 114.815 -7.4144%
31/07/13 127.1913 10.7793%
31/08/13 137.055 7.7550%
30/09/13 134.18571 -2.0935%
31/10/13 132.57273 -1.2021%
30/11/13 136.32381 2.8295%
31/12/13 135.79048 -0.3912%
31/01/14 128.119 -5.6495%
28/02/14 121.37 -5.2678%
31/03/14 111.833 -7.8578%
30/04/14 114.581 2.4572%
31/05/14 100.56 -12.2368%
30/06/14 92.743 -7.7735%
31/07/14 96.05 3.5658%
31/08/14 92.614 -3.5773%
30/09/14 82.37955 -11.0507%
31/10/14 81 -1.6746%
30/11/14 74 -8.6420%
31/12/14 68 -8.1081%
31/01/15 68 0.0000%
28/02/15 63 -7.3529%
31/03/15 53 -15.8730%
30/04/15 57.87 9.1887%
31/05/15 58.67 1.3824%
30/06/15 60 2.2669%
31/07/15 55.73 -7.1167%
31/08/15 56.8 1.9200%
30/09/15 55.73 -1.8838%
31/10/15 49.6 -10.9995%
30/11/15 45 -9.2742%
31/12/15 44 -2.2222%
31/01/16 42.93 -2.4318%
29/02/16 49.33 14.9080%
31/03/16 54.67 10.8251%
30/04/16 64.53 18.0355%
31/05/16 51 -20.9670%
30/06/16 54.64 7.1373%
31/07/16 60.4 10.5417%
31/08/16 59.44 -1.5894%
30/09/16 57.04 -4.0377%
31/10/16 64.96 13.8850%
30/11/16 74.56 14.7783%
31/12/16 80.32 7.7253%
31/01/17 83.44 3.8845%
28/02/17 91.6 9.7795%
31/03/17 81.28 -11.2664%
30/04/17 67.6 -16.8307%
31/05/17 58.24 -13.8462%
30/06/17 63.52 9.0659%
31/07/17 73.12 15.1134%
31/08/17 76.24 4.2670%
30/09/17 61.36 -19.5173%
31/10/17 58.48 -4.6936%
30/11/17 68.56 17.2367%
31/12/17 74 7.9347%
31/01/18 73 -1.3514%
28/02/18 80.32 10.0274%
31/03/18 65.2 -18.8247%
30/04/18 66.88 2.5767%
31/05/18 65.68 -1.7943%
30/06/18 67.12 2.1924%
31/07/18 68.32 1.7878%
31/08/18 67.12 -1.7564%
30/09/18 69.52 3.5757%
31/10/18 75.52 8.6306%
30/11/18 65.2 -13.6653%
31/12/18 71.44 9.5706%
31/01/19 84.4 18.1411%
28/02/19 84.88 0.5687%
31/03/19 86.32 1.6965%
30/04/19 96.64 11.9555%
31/05/19 105.52 9.1887%
30/06/19 116.56 10.4625%
31/07/19 120.64 3.5003%
31/08/19 86.56 -28.2493%
30/09/19 92.8 7.2089%
31/10/19 82.96 -10.6034%
30/11/19 87 4.8698%
31/12/19 92 5.7471%
31/01/20 96.4 4.7826%
29/02/20 83.5 -13.3817%
 Freq' Freq %
Average Pos' 7.1040% 58 34.32%
Average Neg' -7.6076% 48 28.40%
Zero 0.0000% 3 1.78%
109.00

Range Probabilities Cumulative Descriptive Statistics Iron Or

Less than -20% 2.9586% 2.9586%
-15% to -20% 4.7337% 7.6923% Mean
-10% to -15% 5.9172% 13.6095% Standard Error
-5% to -10% 10.6509% 24.2604% Median
0% to -5% 19.5266% 43.7870% Mode
0% to 5% 24.8521% 68.6391% Standard Deviation
5% to 10% 15.3846% 84.0237% Sample Variance
10% to 15% 8.8757% 92.8994% Kurtosis
15% to 20% 5.9172% 98.8166% Skewness
More than 20% 1.1834% 100.0000% Range
Minimum
Maximum
Iron Ore Monthly % Distribution Sum
Count

0% -5
% 5% 10
%
15
%
20
%
20
%
-1 to to
to to to to an
% 0% 0% 5% % % th
-5 10 15 or
e
M
average moves thus creating opportunities in which the AUD complex can move 10%+ in a 1-3 month time horizon.
g this is most likely due to a fall in both Chinese and Japanese demand. This means we are forecasting that AUD will have to fall in orde
this is most likely due to a rise in both Chinese and Japanese demand. This means we are forecasting that AUD will rise due to demand

ong AUD / Short USD

hort AUD / Long USD

atest = -13.3817%
 Prob' Adjust % Change Std Dev 1 2 3
2.44% Upper 10.7289% 20.8008% 30.8726%
-2.16% Lower -9.4148% -19.4866% -29.5584%
0.00%
Std Dev Actual Normal Actual % Normal %
1 83 115 49.11% 68.20%
2 104 161 61.54% 95.40%
3 108 169 63.91% 99.80%

scriptive Statistics Iron Ore

0.66%
0.77%
1.71%
0
10.07%
1.01%
82.39%
-53.71%
59.97%
-36.50%
23.47%
1.11045224159725
169
0
UD will have to fall in order to maintain previous levels of exports. Lower Iron Ore prices are deflationary for Australia requiring an easin
D will rise due to demand for Iron Ore. Higher Iron Ore prices are inflationary for Australia. This may require no policy response if AUD
stralia requiring an easing policy response relative to U.S.
o policy response if AUD adjusts upwards or a tightening bias to control inflation.
 Date AUD/USD % Coal PX Coal %
Jan 01, 1973 1.271 -0.17% 198.9242
Jan 01, 1974 1.485 0.17% 201.81059 1.45%
AUD
Jan 01, 1975 1.3383 1.04% 199.92024 -0.94%
Jan 01, 1976 1.2588 0.13% 225.24395 12.67% 25.00%
Jan 01, 1977 1.087 -0.03% 231.09949 2.60%
Jan 01, 1978 1.1382 -0.28% 254.07426 9.94%
Jan 01, 1979 1.1326 -1.51% 281.01448 10.60% 20.00%
Jan 01, 1980 1.1071 0.05% 290.82803 3.49%
Jan 01, 1981 1.1684 -1.08% 304.88527 4.83%
Jan 01, 1982 1.099 -2.54% 302.25055 -0.86% 15.00%
Jan 01, 1983 0.9677 -1.26% 320.14841 5.92%
Jan 01, 1984 0.9172 2.31% 343.42345 7.27%
Jan 01, 1985 0.8138 -1.36% 374.94121 9.18% 10.00%
Jan 01, 1986 0.7138 4.69% 399.79839 6.63%
Jan 01, 1987 0.659 -0.95% 422.12291 5.58%
Jan 01, 1988 0.7067 -2.13% 455.65794 7.94% 5.00%
Jan 01, 1989 0.8866 3.89% 496.77 9.02%
Jan 01, 1990 0.7712 -2.19% 517.135 4.10%
Jan 01, 1991 0.7825 1.23% 509.303 -1.51% 0.00%
Jan 01, 1992 0.7507 -1.17% 527.2405 3.52%
Jan 01, 1993 0.6785 -1.60% 545.157 3.40%
Jan 01, 1994 0.709 4.37% 574.336 5.35% -5.00%
Jan 01, 1995 0.7568 -2.45% 612.024 6.56%
Jan 01, 1996 0.7465 0.32% 663.49 8.41%
Jan 01, 1997 0.7623 -4.10% 677.3765 2.09% -10.00%
Jan 01, 1998 0.683 4.80% 672.6234 -0.70%
Jan 01, 1999 0.6305 3.09% 652.00105 -3.07%
Jan 01, 2000 0.6373 -3.07% 672.7915 3.19% -15.00%
Jan 01, 2001 0.55 -1.61% 679.17275 0.95% 73 74 75 76 77 78 79 80 81 82 83 84
Jan 01, 2002 0.508 -0.20% 692.763 2.00% , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19
01 01 01 01 01 01 01 01 01 01 01 01 01
728.3579 5.14% n n n n n n n n n n n n n n
Jan 01, 2003 0.5872 4.60% Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja
Jan 01, 2004 0.7642 1.54% 868.18505 19.20%
Jan 01, 2005 0.7752 -0.89% 1019.88867 17.47%
Jan 01, 2006 0.7587 3.42% 1128.32031 10.63%
Jan 01, 2007 0.7768 -1.58% 1250.39589 10.82%
Jan 01, 2008 0.8961 2.31% 1320.25845 5.59%
Jan 01, 2009 0.6351 -10.25% 1369.16932 3.70%
Jan 01, 2010 0.8847 -1.40% 1470.65255 7.41%
Jan 01, 2011 0.9967 -2.45% 1609.74075 9.46%
Jan 01, 2012 1.0616 3.79% 1760.79197 9.38%
Jan 01, 2013 1.0424 0.30% 1856.39734 5.43%
Jan 01, 2014 0.8756 -1.82% 1925.29722 3.71%
Jan 01, 2015 0.7769 -4.91%
 AUD_USD Vs China Coal Consumption 1972-2015

76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15
19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20
01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01
n an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an an
J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J J

% Coal %
 08 09 10 11 12 13 14 15
20 , 20 , 20 , 20 , 20 , 20 , 20 , 20
01 01 01 01 01 01 01
a n Ja n Ja n Ja n Ja n Ja n Ja n
 Date Last % Coal PX Coal %
Jan 01, 1973 1.271 -0.17% 53.668
Jan 01, 1974 1.485 0.17% 57.338 6.84%
A
Jan 01, 1975 1.3383 1.04% 54.44 -5.05%
Jan 01, 1976 1.2588 0.13% 52.527 -3.51% 20.00%
Jan 01, 1977 1.087 -0.03% 52.482 -0.09%
Jan 01, 1978 1.1382 -0.28% 46.466 -11.46%
Jan 01, 1979 1.1326 -1.51% 50.435 8.54% 15.00%
Jan 01, 1980 1.1071 0.05% 57.604 14.21%
Jan 01, 1981 1.1684 -1.08% 63.585 10.38%
Jan 01, 1982 1.099 -2.54% 62 -2.49% 10.00%
Jan 01, 1983 0.9677 -1.26% 63 1.61%
Jan 01, 1984 0.9172 2.31% 69.89 10.94%
Jan 01, 1985 0.8138 -1.36% 73.747 5.52% 5.00%
Jan 01, 1986 0.7138 4.69% 69.549 -5.69%
Jan 01, 1987 0.659 -0.95% 69.371 -0.26%
Jan 01, 1988 0.7067 -2.13% 76.207 9.85% 0.00%
Jan 01, 1989 0.8866 3.89% 75.618 -0.77%
Jan 01, 1990 0.7712 -2.19% 75.961 0.45%
Jan 01, 1991 0.7825 1.23% 79.004 4.01% -5.00%
Jan 01, 1992 0.7507 -1.17% 77.988 -1.29%
Jan 01, 1993 0.6785 -1.60% 79.172 1.52%
Jan 01, 1994 0.709 4.37% 82.026 3.60% -10.00%
Jan 01, 1995 0.7568 -2.45% 86.199 5.09%
Jan 01, 1996 0.7465 0.32% 88.275 2.41%
Jan 01, 1997 0.7623 -4.10% 89.788 1.71% -15.00%
Jan 01, 1998 0.683 4.80% 88.447 -1.49%
Jan 01, 1999 0.6305 3.09% 91.477 3.43%
Jan 01, 2000 0.6373 -3.07% 98.871 8.08% -20.00%
Jan 01, 2001 0.55 -1.61% 103.047 4.22% 73 74 75 76 77 78 79 80 81 82 8
Jan 01, 2002 0.508 -0.20% 106.604 3.45% , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19 , 19
01 01 01 01 01 01 01 01 01 01 01 0
112.187 5.24% n n n n n n n n n n n n
Jan 01, 2003 0.5872 4.60% Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja
Jan 01, 2004 0.7642 1.54% 120.782 7.66%
Jan 01, 2005 0.7752 -0.89% 121.282 0.41%
Jan 01, 2006 0.7587 3.42% 119.10528 -1.79%
Jan 01, 2007 0.7768 -1.58% 125.33531 5.23%
Jan 01, 2008 0.8961 2.31% 128.66358 2.66%
Jan 01, 2009 0.6351 -10.25% 108.78201 -15.45%
Jan 01, 2010 0.8847 -1.40% 123.71285 13.73%
Jan 01, 2011 0.9967 -2.45% 117.73251 -4.83%
Jan 01, 2012 1.0616 3.79% 124.37765 5.64%
Jan 01, 2013 1.0424 0.30% 128.56256 3.36%
Jan 01, 2014 0.8756 -1.82%
Jan 01, 2015 0.7769 -4.91%
 AUD_USD Vs Japan Coal Consumption 1972-2015

4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5
97 197 197 197 197 197 198 198 198 198 198 198 198 198 198 198 199 199 199 199 199 199 199 199 199 199 200 200 200 200 200 200 200 200 200 200 201 201 201 201 201 201
, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01 01
n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n n
Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja Ja

% Coal %
 06 07 08 09 10 11 12 13 14 15
20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20
01 01 01 01 01 01 01 01 01
a n Ja n Ja n Ja n Ja n Ja n Ja n Ja n Ja n
 A B C D E F
1 Date US Fed Funds RBA Interbank IR % Diff Daily Rollover Synthetic
2 May-1976 5.29% 7.71% 2.42% 0.006630% 6.63
3 Jun-1976 5.48% 8.02% 2.54% 0.006959% 6.96
4 Jul-1976 5.31% 7.57% 2.26% 0.006192% 6.19
5 Aug-1976 5.29% 7.75% 2.46% 0.006740% 6.74
6 Sep-1976 5.25% 7.46% 2.21% 0.006055% 6.05
7 Oct-1976 5.02% 7.28% 2.26% 0.006192% 6.19
8 Nov-1976 4.95% 7.18% 2.23% 0.006110% 6.11
9 Dec-1976 4.65% 6.37% 1.72% 0.004712% 4.71
10 Jan-1977 4.61% 7.46% 2.85% 0.007808% 7.81
11 Feb-1977 4.68% 7.42% 2.74% 0.007507% 7.51
12 Mar-1977 4.69% 7.58% 2.89% 0.007918% 7.92
13 Apr-1977 4.73% 7.36% 2.63% 0.007205% 7.21
14 May-1977 5.35% 8.64% 3.29% 0.009014% 9.01
15 Jun-1977 5.39% 9.52% 4.13% 0.011315% 11.32
16 Jul-1977 5.42% 9.34% 3.92% 0.010740% 10.74
17 Aug-1977 5.90% 9.67% 3.77% 0.010329% 10.33
18 Sep-1977 6.14% 9.47% 3.33% 0.009123% 9.12
19 Oct-1977 6.47% 8.86% 2.39% 0.006548% 6.55
20 Nov-1977 6.51% 9.16% 2.65% 0.007260% 7.26
21 Dec-1977 6.56% 9.15% 2.59% 0.007096% 7.10
22 Jan-1978 6.70% 8.76% 2.06% 0.005644% 5.64
23 Feb-1978 6.78% 8.42% 1.64% 0.004493% 4.49
24 Mar-1978 6.79% 7.95% 1.16% 0.003178% 3.18
25 Apr-1978 6.89% 7.67% 0.78% 0.002137% 2.14
26 May-1978 7.36% 9.11% 1.75% 0.004795% 4.79
27 Jun-1978 7.60% 9.04% 1.44% 0.003945% 3.95
28 Jul-1978 7.81% 8.81% 1.00% 0.002740% 2.74
29 Aug-1978 8.04% 9.01% 0.97% 0.002658% 2.66
30 Sep-1978 8.45% 9.18% 0.73% 0.002000% 2.00
31 Oct-1978 8.96% 9.40% 0.44% 0.001205% 1.21
32 Nov-1978 9.76% 7.97% -1.79% -0.004904% -4.90
33 Dec-1978 10.03% 8.32% -1.71% -0.004685% -4.68
34 Jan-1979 10.07% 8.18% -1.89% -0.005178% -5.18
35 Feb-1979 10.06% 7.83% -2.23% -0.006110% -6.11
36 Mar-1979 10.09% 8.18% -1.91% -0.005233% -5.23
37 Apr-1979 10.01% 8.61% -1.40% -0.003836% -3.84
38 May-1979 10.24% 9.45% -0.79% -0.002164% -2.16
39 Jun-1979 10.29% 8.71% -1.58% -0.004329% -4.33
40 Jul-1979 10.47% 10.06% -0.41% -0.001123% -1.12
41 Aug-1979 10.94% 10.63% -0.31% -0.000849% -0.85
42 Sep-1979 11.43% 9.41% -2.02% -0.005534% -5.53
43 Oct-1979 13.77% 9.05% -4.72% -0.012932% -12.93
44 Nov-1979 13.18% 8.99% -4.19% -0.011479% -11.48
45 Dec-1979 13.78% 9.50% -4.28% -0.011726% -11.73
46 Jan-1980 13.82% 9.24% -4.58% -0.012548% -12.55
47 Feb-1980 14.13% 8.86% -5.27% -0.014438% -14.44
48 Mar-1980 17.19% 10.41% -6.78% -0.018575% -18.58
 A B C D E F
49 Apr-1980 17.61% 10.68% -6.93% -0.018986% -18.99
50 May-1980 10.98% 13.72% 2.74% 0.007507% 7.51
51 Jun-1980 9.47% 13.73% 4.26% 0.011671% 11.67
52 Jul-1980 9.03% 12.86% 3.83% 0.010493% 10.49
53 Aug-1980 9.61% 12.42% 2.81% 0.007699% 7.70
54 Sep-1980 10.87% 11.23% 0.36% 0.000986% 0.99
55 Oct-1980 12.81% 9.83% -2.98% -0.008164% -8.16
56 Nov-1980 15.85% 10.33% -5.52% -0.015123% -15.12
57 Dec-1980 18.90% 10.88% -8.02% -0.021973% -21.97
58 Jan-1981 19.08% 10.68% -8.40% -0.023014% -23.01
59 Feb-1981 15.93% 11.00% -4.93% -0.013507% -13.51
60 Mar-1981 14.70% 11.99% -2.71% -0.007425% -7.42
61 Apr-1981 15.72% 13.09% -2.63% -0.007205% -7.21
62 May-1981 18.52% 14.19% -4.33% -0.011863% -11.86
63 Jun-1981 19.10% 15.33% -3.77% -0.010329% -10.33
64 Jul-1981 19.04% 15.44% -3.60% -0.009863% -9.86
65 Aug-1981 17.82% 15.00% -2.82% -0.007726% -7.73
66 Sep-1981 15.87% 14.68% -1.19% -0.003260% -3.26
67 Oct-1981 15.08% 14.34% -0.74% -0.002027% -2.03
68 Nov-1981 13.31% 14.54% 1.23% 0.003370% 3.37
69 Dec-1981 12.37% 15.62% 3.25% 0.008904% 8.90
70 Jan-1982 13.22% 14.99% 1.77% 0.004849% 4.85
71 Feb-1982 14.78% 15.20% 0.42% 0.001151% 1.15
72 Mar-1982 14.68% 16.08% 1.40% 0.003836% 3.84
73 Apr-1982 14.94% 19.09% 4.15% 0.011370% 11.37
74 May-1982 14.45% 18.39% 3.94% 0.010795% 10.79
75 Jun-1982 14.15% 17.58% 3.43% 0.009397% 9.40
76 Jul-1982 12.59% 16.51% 3.92% 0.010740% 10.74
77 Aug-1982 10.12% 20.77% 10.65% 0.029178% 29.18
78 Sep-1982 10.31% 16.10% 5.79% 0.015863% 15.86
79 Oct-1982 9.71% 15.70% 5.99% 0.016411% 16.41
80 Nov-1982 9.20% 14.00% 4.80% 0.013151% 13.15
81 Dec-1982 8.95% 11.46% 2.51% 0.006877% 6.88
82 Jan-1983 8.68% 12.36% 3.68% 0.010082% 10.08
83 Feb-1983 8.51% 12.68% 4.17% 0.011425% 11.42
84 Mar-1983 8.77% 16.73% 7.96% 0.021808% 21.81
85 Apr-1983 8.80% 12.61% 3.81% 0.010438% 10.44
86 May-1983 8.63% 11.90% 3.27% 0.008959% 8.96
87 Jun-1983 8.98% 11.74% 2.76% 0.007562% 7.56
88 Jul-1983 9.37% 10.35% 0.98% 0.002685% 2.68
89 Aug-1983 9.56% 10.67% 1.11% 0.003041% 3.04
90 Sep-1983 9.45% 10.98% 1.53% 0.004192% 4.19
91 Oct-1983 9.48% 10.24% 0.76% 0.002082% 2.08
92 Nov-1983 9.34% 9.97% 0.63% 0.001726% 1.73
93 Dec-1983 9.47% 4.76% -4.71% -0.012904% -12.90
94 Jan-1984 9.56% 9.13% -0.43% -0.001178% -1.18
95 Feb-1984 9.59% 9.78% 0.19% 0.000521% 0.52
96 Mar-1984 9.91% 12.55% 2.64% 0.007233% 7.23
 A B C D E F
97 Apr-1984 10.29% 15.15% 4.86% 0.013315% 13.32
98 May-1984 10.32% 14.08% 3.76% 0.010301% 10.30
99 Jun-1984 11.06% 12.33% 1.27% 0.003479% 3.48
100 Jul-1984 11.23% 12.19% 0.96% 0.002630% 2.63
101 Aug-1984 11.64% 11.61% -0.03% -0.000082% -0.08
102 Sep-1984 11.30% 11.07% -0.23% -0.000630% -0.63
103 Oct-1984 9.99% 11.14% 1.15% 0.003151% 3.15
104 Nov-1984 9.43% 11.52% 2.09% 0.005726% 5.73
105 Dec-1984 8.38% 12.01% 3.63% 0.009945% 9.95
106 Jan-1985 8.35% 11.27% 2.92% 0.008000% 8.00
107 Feb-1985 8.50% 11.64% 3.14% 0.008603% 8.60
108 Mar-1985 8.58% 13.97% 5.39% 0.014767% 14.77
109 Apr-1985 8.27% 15.40% 7.13% 0.019534% 19.53
110 May-1985 7.97% 15.84% 7.87% 0.021562% 21.56
111 Jun-1985 7.53% 18.92% 11.39% 0.031205% 31.21
112 Jul-1985 7.88% 15.48% 7.60% 0.020822% 20.82
113 Aug-1985 7.90% 16.50% 8.60% 0.023562% 23.56
114 Sep-1985 7.92% 16.41% 8.49% 0.023260% 23.26
115 Oct-1985 7.99% 16.09% 8.10% 0.022192% 22.19
116 Nov-1985 8.05% 18.12% 10.07% 0.027589% 27.59
117 Dec-1985 8.27% 19.39% 11.12% 0.030466% 30.47
118 Jan-1986 8.14% 18.91% 10.77% 0.029507% 29.51
119 Feb-1986 7.86% 18.58% 10.72% 0.029370% 29.37
120 Mar-1986 7.48% 17.29% 9.81% 0.026877% 26.88
121 Apr-1986 6.99% 17.15% 10.16% 0.027836% 27.84
122 May-1986 6.85% 15.11% 8.26% 0.022630% 22.63
123 Jun-1986 6.92% 15.44% 8.52% 0.023342% 23.34
124 Jul-1986 6.56% 14.71% 8.15% 0.022329% 22.33
125 Aug-1986 6.17% 17.78% 11.61% 0.031808% 31.81
126 Sep-1986 5.89% 17.70% 11.81% 0.032356% 32.36
127 Oct-1986 5.85% 16.64% 10.79% 0.029562% 29.56
128 Nov-1986 6.04% 16.35% 10.31% 0.028247% 28.25
129 Dec-1986 6.91% 15.50% 8.59% 0.023534% 23.53
130 Jan-1987 6.43% 16.62% 10.19% 0.027918% 27.92
131 Feb-1987 6.10% 16.43% 10.33% 0.028301% 28.30
132 Mar-1987 6.13% 16.23% 10.10% 0.027671% 27.67
133 Apr-1987 6.37% 14.80% 8.43% 0.023096% 23.10
134 May-1987 6.85% 14.26% 7.41% 0.020301% 20.30
135 Jun-1987 6.73% 13.19% 6.46% 0.017699% 17.70
136 Jul-1987 6.58% 12.43% 5.85% 0.016027% 16.03
137 Aug-1987 6.73% 12.16% 5.43% 0.014877% 14.88
138 Sep-1987 7.22% 11.80% 4.58% 0.012548% 12.55
139 Oct-1987 7.29% 11.30% 4.01% 0.010986% 10.99
140 Nov-1987 6.69% 11.69% 5.00% 0.013699% 13.70
141 Dec-1987 6.77% 11.30% 4.53% 0.012411% 12.41
142 Jan-1988 6.83% 10.62% 3.79% 0.010384% 10.38
143 Feb-1988 6.58% 10.66% 4.08% 0.011178% 11.18
144 Mar-1988 6.58% 10.87% 4.29% 0.011753% 11.75
 A B C D E F
145 Apr-1988 6.87% 11.30% 4.43% 0.012137% 12.14
146 May-1988 7.09% 12.58% 5.49% 0.015041% 15.04
147 Jun-1988 7.51% 13.07% 5.56% 0.015233% 15.23
148 Jul-1988 7.75% 12.71% 4.96% 0.013589% 13.59
149 Aug-1988 8.01% 12.91% 4.90% 0.013425% 13.42
150 Sep-1988 8.19% 13.07% 4.88% 0.013370% 13.37
151 Oct-1988 8.30% 13.41% 5.11% 0.014000% 14.00
152 Nov-1988 8.35% 14.33% 5.98% 0.016384% 16.38
153 Dec-1988 8.76% 14.59% 5.83% 0.015973% 15.97
154 Jan-1989 9.12% 14.82% 5.70% 0.015616% 15.62
155 Feb-1989 9.36% 15.77% 6.41% 0.017562% 17.56
156 Mar-1989 9.85% 16.51% 6.66% 0.018247% 18.25
157 Apr-1989 9.84% 16.71% 6.87% 0.018822% 18.82
158 May-1989 9.81% 17.29% 7.48% 0.020493% 20.49
159 Jun-1989 9.53% 17.73% 8.20% 0.022466% 22.47
160 Jul-1989 9.24% 17.92% 8.68% 0.023781% 23.78
161 Aug-1989 8.99% 17.86% 8.87% 0.024301% 24.30
162 Sep-1989 9.02% 18.06% 9.04% 0.024767% 24.77
163 Oct-1989 8.84% 18.05% 9.21% 0.025233% 25.23
164 Nov-1989 8.55% 18.19% 9.64% 0.026411% 26.41
165 Dec-1989 8.45% 18.16% 9.71% 0.026603% 26.60
166 Jan-1990 8.23% 17.81% 9.58% 0.026247% 26.25
167 Feb-1990 8.24% 16.80% 8.56% 0.023452% 23.45
168 Mar-1990 8.28% 16.43% 8.15% 0.022329% 22.33
169 Apr-1990 8.26% 15.17% 6.91% 0.018932% 18.93
170 May-1990 8.18% 15.02% 6.84% 0.018740% 18.74
171 Jun-1990 8.29% 15.05% 6.76% 0.018521% 18.52
172 Jul-1990 8.15% 15.02% 6.87% 0.018822% 18.82
173 Aug-1990 8.13% 14.07% 5.94% 0.016274% 16.27
174 Sep-1990 8.20% 14.05% 5.85% 0.016027% 16.03
175 Oct-1990 8.11% 13.47% 5.36% 0.014685% 14.68
176 Nov-1990 7.81% 13.05% 5.24% 0.014356% 14.36
177 Dec-1990 7.31% 12.68% 5.37% 0.014712% 14.71
178 Jan-1991 6.91% 12.02% 5.11% 0.014000% 14.00
179 Feb-1991 6.25% 12.01% 5.76% 0.015781% 15.78
180 Mar-1991 6.12% 12.02% 5.90% 0.016164% 16.16
181 Apr-1991 5.91% 11.58% 5.67% 0.015534% 15.53
182 May-1991 5.78% 10.99% 5.21% 0.014274% 14.27
183 Jun-1991 5.90% 10.54% 4.64% 0.012712% 12.71
184 Jul-1991 5.82% 10.49% 4.67% 0.012795% 12.79
185 Aug-1991 5.66% 10.52% 4.86% 0.013315% 13.32
186 Sep-1991 5.45% 9.59% 4.14% 0.011342% 11.34
187 Oct-1991 5.21% 9.49% 4.28% 0.011726% 11.73
188 Nov-1991 4.81% 8.64% 3.83% 0.010493% 10.49
189 Dec-1991 4.43% 8.52% 4.09% 0.011205% 11.21
190 Jan-1992 4.03% 7.75% 3.72% 0.010192% 10.19
191 Feb-1992 4.06% 7.52% 3.46% 0.009479% 9.48
192 Mar-1992 3.98% 7.54% 3.56% 0.009753% 9.75
 A B C D E F
193 Apr-1992 3.73% 7.51% 3.78% 0.010356% 10.36
194 May-1992 3.82% 6.69% 2.87% 0.007863% 7.86
195 Jun-1992 3.76% 6.57% 2.81% 0.007699% 7.70
196 Jul-1992 3.25% 5.93% 2.68% 0.007342% 7.34
197 Aug-1992 3.30% 5.86% 2.56% 0.007014% 7.01
198 Sep-1992 3.22% 5.74% 2.52% 0.006904% 6.90
199 Oct-1992 3.10% 5.74% 2.64% 0.007233% 7.23
200 Nov-1992 3.09% 5.77% 2.68% 0.007342% 7.34
201 Dec-1992 2.92% 5.79% 2.87% 0.007863% 7.86
202 Jan-1993 3.02% 5.75% 2.73% 0.007479% 7.48
203 Feb-1993 3.03% 5.74% 2.71% 0.007425% 7.42
204 Mar-1993 3.07% 5.62% 2.55% 0.006986% 6.99
205 Apr-1993 2.96% 5.25% 2.29% 0.006274% 6.27
206 May-1993 3.00% 5.26% 2.26% 0.006192% 6.19
207 Jun-1993 3.04% 5.27% 2.23% 0.006110% 6.11
208 Jul-1993 3.06% 5.24% 2.18% 0.005973% 5.97
209 Aug-1993 3.03% 4.77% 1.74% 0.004767% 4.77
210 Sep-1993 3.09% 4.72% 1.63% 0.004466% 4.47
211 Oct-1993 2.99% 4.69% 1.70% 0.004658% 4.66
212 Nov-1993 3.02% 4.71% 1.69% 0.004630% 4.63
213 Dec-1993 2.96% 4.73% 1.77% 0.004849% 4.85
214 Jan-1994 3.05% 4.71% 1.66% 0.004548% 4.55
215 Feb-1994 3.25% 4.71% 1.46% 0.004000% 4.00
216 Mar-1994 3.34% 4.72% 1.38% 0.003781% 3.78
217 Apr-1994 3.56% 4.69% 1.13% 0.003096% 3.10
218 May-1994 4.01% 4.67% 0.66% 0.001808% 1.81
219 Jun-1994 4.25% 4.68% 0.43% 0.001178% 1.18
220 Jul-1994 4.26% 4.66% 0.40% 0.001096% 1.10
221 Aug-1994 4.47% 5.01% 0.54% 0.001479% 1.48
222 Sep-1994 4.73% 5.44% 0.71% 0.001945% 1.95
223 Oct-1994 4.76% 5.71% 0.95% 0.002603% 2.60
224 Nov-1994 5.29% 6.43% 1.14% 0.003123% 3.12
225 Dec-1994 5.45% 6.96% 1.51% 0.004137% 4.14
226 Jan-1995 5.53% 7.49% 1.96% 0.005370% 5.37
227 Feb-1995 5.92% 7.48% 1.56% 0.004274% 4.27
228 Mar-1995 5.98% 7.49% 1.51% 0.004137% 4.14
229 Apr-1995 6.05% 7.51% 1.46% 0.004000% 4.00
230 May-1995 6.01% 7.50% 1.49% 0.004082% 4.08
231 Jun-1995 6.00% 7.51% 1.51% 0.004137% 4.14
232 Jul-1995 5.85% 7.51% 1.66% 0.004548% 4.55
233 Aug-1995 5.74% 7.51% 1.77% 0.004849% 4.85
234 Sep-1995 5.80% 7.49% 1.69% 0.004630% 4.63
235 Oct-1995 5.76% 7.49% 1.73% 0.004740% 4.74
236 Nov-1995 5.80% 7.50% 1.70% 0.004658% 4.66
237 Dec-1995 5.60% 7.51% 1.91% 0.005233% 5.23
238 Jan-1996 5.56% 7.50% 1.94% 0.005315% 5.32
239 Feb-1996 5.22% 7.50% 2.28% 0.006247% 6.25
240 Mar-1996 5.31% 7.52% 2.21% 0.006055% 6.05
 A B C D E F
241 Apr-1996 5.22% 7.49% 2.27% 0.006219% 6.22
242 May-1996 5.24% 7.51% 2.27% 0.006219% 6.22
243 Jun-1996 5.27% 7.51% 2.24% 0.006137% 6.14
244 Jul-1996 5.40% 7.51% 2.11% 0.005781% 5.78
245 Aug-1996 5.22% 7.01% 1.79% 0.004904% 4.90
246 Sep-1996 5.30% 7.01% 1.71% 0.004685% 4.68
247 Oct-1996 5.24% 7.00% 1.76% 0.004822% 4.82
248 Nov-1996 5.31% 6.58% 1.27% 0.003479% 3.48
249 Dec-1996 5.29% 6.23% 0.94% 0.002575% 2.58
250 Jan-1997 5.25% 6.04% 0.79% 0.002164% 2.16
251 Feb-1997 5.19% 6.01% 0.82% 0.002247% 2.25
252 Mar-1997 5.39% 6.04% 0.65% 0.001781% 1.78
253 Apr-1997 5.51% 6.05% 0.54% 0.001479% 1.48
254 May-1997 5.50% 5.91% 0.41% 0.001123% 1.12
255 Jun-1997 5.56% 5.57% 0.01% 0.000027% 0.03
256 Jul-1997 5.52% 5.44% -0.08% -0.000219% -0.22
257 Aug-1997 5.54% 4.98% -0.56% -0.001534% -1.53
258 Sep-1997 5.54% 4.98% -0.56% -0.001534% -1.53
259 Oct-1997 5.50% 4.98% -0.52% -0.001425% -1.42
260 Nov-1997 5.52% 5.00% -0.52% -0.001425% -1.42
261 Dec-1997 5.50% 5.03% -0.47% -0.001288% -1.29
262 Jan-1998 5.56% 5.00% -0.56% -0.001534% -1.53
263 Feb-1998 5.51% 4.98% -0.53% -0.001452% -1.45
264 Mar-1998 5.49% 5.00% -0.49% -0.001342% -1.34
265 Apr-1998 5.45% 4.98% -0.47% -0.001288% -1.29
266 May-1998 5.49% 5.00% -0.49% -0.001342% -1.34
267 Jun-1998 5.56% 5.07% -0.49% -0.001342% -1.34
268 Jul-1998 5.54% 4.98% -0.56% -0.001534% -1.53
269 Aug-1998 5.55% 4.97% -0.58% -0.001589% -1.59
270 Sep-1998 5.51% 4.97% -0.54% -0.001479% -1.48
271 Oct-1998 5.07% 4.97% -0.10% -0.000274% -0.27
272 Nov-1998 4.83% 4.98% 0.15% 0.000411% 0.41
273 Dec-1998 4.68% 4.75% 0.07% 0.000192% 0.19
274 Jan-1999 4.63% 4.72% 0.09% 0.000247% 0.25
275 Feb-1999 4.76% 4.72% -0.04% -0.000110% -0.11
276 Mar-1999 4.81% 4.74% -0.07% -0.000192% -0.19
277 Apr-1999 4.74% 4.74% 0.00% 0.000000% 0.00
278 May-1999 4.74% 4.75% 0.01% 0.000027% 0.03
279 Jun-1999 4.76% 4.76% 0.00% 0.000000% 0.00
280 Jul-1999 4.99% 4.74% -0.25% -0.000685% -0.68
281 Aug-1999 5.07% 4.73% -0.34% -0.000932% -0.93
282 Sep-1999 5.22% 4.75% -0.47% -0.001288% -1.29
283 Oct-1999 5.20% 4.75% -0.45% -0.001233% -1.23
284 Nov-1999 5.42% 4.98% -0.44% -0.001205% -1.21
285 Dec-1999 5.30% 4.97% -0.33% -0.000904% -0.90
286 Jan-2000 5.45% 4.98% -0.47% -0.001288% -1.29
287 Feb-2000 5.73% 5.46% -0.27% -0.000740% -0.74
288 Mar-2000 5.85% 5.49% -0.36% -0.000986% -0.99
 A B C D E F
289 Apr-2000 6.02% 5.72% -0.30% -0.000822% -0.82
290 May-2000 6.27% 5.98% -0.29% -0.000795% -0.79
291 Jun-2000 6.53% 6.00% -0.53% -0.001452% -1.45
292 Jul-2000 6.54% 5.99% -0.55% -0.001507% -1.51
293 Aug-2000 6.50% 6.24% -0.26% -0.000712% -0.71
294 Sep-2000 6.52% 6.24% -0.28% -0.000767% -0.77
295 Oct-2000 6.51% 6.23% -0.28% -0.000767% -0.77
296 Nov-2000 6.51% 6.22% -0.29% -0.000795% -0.79
297 Dec-2000 6.40% 6.23% -0.17% -0.000466% -0.47
298 Jan-2001 5.98% 6.24% 0.26% 0.000712% 0.71
299 Feb-2001 5.49% 5.84% 0.35% 0.000959% 0.96
300 Mar-2001 5.31% 5.54% 0.23% 0.000630% 0.63
301 Apr-2001 4.80% 5.05% 0.25% 0.000685% 0.68
302 May-2001 4.21% 4.99% 0.78% 0.002137% 2.14
303 Jun-2001 3.97% 5.00% 1.03% 0.002822% 2.82
304 Jul-2001 3.77% 5.00% 1.23% 0.003370% 3.37
305 Aug-2001 3.65% 4.99% 1.34% 0.003671% 3.67
306 Sep-2001 3.07% 4.75% 1.68% 0.004603% 4.60
307 Oct-2001 2.49% 4.51% 2.02% 0.005534% 5.53
308 Nov-2001 2.09% 4.49% 2.40% 0.006575% 6.58
309 Dec-2001 1.82% 4.27% 2.45% 0.006712% 6.71
310 Jan-2002 1.73% 4.24% 2.51% 0.006877% 6.88
311 Feb-2002 1.74% 4.24% 2.50% 0.006849% 6.85
312 Mar-2002 1.73% 4.23% 2.50% 0.006849% 6.85
313 Apr-2002 1.75% 4.24% 2.49% 0.006822% 6.82
314 May-2002 1.75% 4.44% 2.69% 0.007370% 7.37
315 Jun-2002 1.75% 4.72% 2.97% 0.008137% 8.14
316 Jul-2002 1.73% 4.75% 3.02% 0.008274% 8.27
317 Aug-2002 1.74% 4.75% 3.01% 0.008247% 8.25
318 Sep-2002 1.75% 4.75% 3.00% 0.008219% 8.22
319 Oct-2002 1.75% 4.75% 3.00% 0.008219% 8.22
320 Nov-2002 1.34% 4.75% 3.41% 0.009342% 9.34
321 Dec-2002 1.24% 4.75% 3.51% 0.009616% 9.62
322 Jan-2003 1.24% 4.75% 3.51% 0.009616% 9.62
323 Feb-2003 1.26% 4.75% 3.49% 0.009562% 9.56
324 Mar-2003 1.25% 4.75% 3.50% 0.009589% 9.59
325 Apr-2003 1.26% 4.75% 3.49% 0.009562% 9.56
326 May-2003 1.26% 4.75% 3.49% 0.009562% 9.56
327 Jun-2003 1.22% 4.75% 3.53% 0.009671% 9.67
328 Jul-2003 1.01% 4.75% 3.74% 0.010247% 10.25
329 Aug-2003 1.03% 4.75% 3.72% 0.010192% 10.19
330 Sep-2003 1.01% 4.75% 3.74% 0.010247% 10.25
331 Oct-2003 1.01% 4.75% 3.74% 0.010247% 10.25
332 Nov-2003 1.00% 4.98% 3.98% 0.010904% 10.90
333 Dec-2003 0.98% 5.23% 4.25% 0.011644% 11.64
334 Jan-2004 1.00% 5.25% 4.25% 0.011644% 11.64
335 Feb-2004 1.01% 5.25% 4.24% 0.011616% 11.62
336 Mar-2004 1.00% 5.25% 4.25% 0.011644% 11.64
 A B C D E F
337 Apr-2004 1.00% 5.25% 4.25% 0.011644% 11.64
338 May-2004 1.00% 5.25% 4.25% 0.011644% 11.64
339 Jun-2004 1.03% 5.25% 4.22% 0.011562% 11.56
340 Jul-2004 1.26% 5.25% 3.99% 0.010932% 10.93
341 Aug-2004 1.43% 5.25% 3.82% 0.010466% 10.47
342 Sep-2004 1.61% 5.25% 3.64% 0.009973% 9.97
343 Oct-2004 1.76% 5.25% 3.49% 0.009562% 9.56
344 Nov-2004 1.93% 5.25% 3.32% 0.009096% 9.10
345 Dec-2004 2.16% 5.25% 3.09% 0.008466% 8.47
346 Jan-2005 2.28% 5.25% 2.97% 0.008137% 8.14
347 Feb-2005 2.50% 5.25% 2.75% 0.007534% 7.53
348 Mar-2005 2.63% 5.49% 2.86% 0.007836% 7.84
349 Apr-2005 2.79% 5.50% 2.71% 0.007425% 7.42
350 May-2005 3.00% 5.50% 2.50% 0.006849% 6.85
351 Jun-2005 3.04% 5.50% 2.46% 0.006740% 6.74
352 Jul-2005 3.26% 5.50% 2.24% 0.006137% 6.14
353 Aug-2005 3.50% 5.50% 2.00% 0.005479% 5.48
354 Sep-2005 3.62% 5.50% 1.88% 0.005151% 5.15
355 Oct-2005 3.78% 5.50% 1.72% 0.004712% 4.71
356 Nov-2005 4.00% 5.50% 1.50% 0.004110% 4.11
357 Dec-2005 4.16% 5.50% 1.34% 0.003671% 3.67
358 Jan-2006 4.29% 5.50% 1.21% 0.003315% 3.32
359 Feb-2006 4.49% 5.50% 1.01% 0.002767% 2.77
360 Mar-2006 4.59% 5.50% 0.91% 0.002493% 2.49
361 Apr-2006 4.79% 5.50% 0.71% 0.001945% 1.95
362 May-2006 4.94% 5.73% 0.79% 0.002164% 2.16
363 Jun-2006 4.99% 5.75% 0.76% 0.002082% 2.08
364 Jul-2006 5.24% 5.75% 0.51% 0.001397% 1.40
365 Aug-2006 5.25% 5.99% 0.74% 0.002027% 2.03
366 Sep-2006 5.25% 6.00% 0.75% 0.002055% 2.05
367 Oct-2006 5.25% 6.00% 0.75% 0.002055% 2.05
368 Nov-2006 5.25% 6.19% 0.94% 0.002575% 2.58
369 Dec-2006 5.24% 6.25% 1.01% 0.002767% 2.77
370 Jan-2007 5.25% 6.25% 1.00% 0.002740% 2.74
371 Feb-2007 5.26% 6.25% 0.99% 0.002712% 2.71
372 Mar-2007 5.26% 6.25% 0.99% 0.002712% 2.71
373 Apr-2007 5.25% 6.25% 1.00% 0.002740% 2.74
374 May-2007 5.25% 6.25% 1.00% 0.002740% 2.74
375 Jun-2007 5.25% 6.25% 1.00% 0.002740% 2.74
376 Jul-2007 5.26% 6.25% 0.99% 0.002712% 2.71
377 Aug-2007 5.02% 6.45% 1.43% 0.003918% 3.92
378 Sep-2007 4.94% 6.50% 1.56% 0.004274% 4.27
379 Oct-2007 4.76% 6.50% 1.74% 0.004767% 4.77
380 Nov-2007 4.49% 6.70% 2.21% 0.006055% 6.05
381 Dec-2007 4.24% 6.75% 2.51% 0.006877% 6.88
382 Jan-2008 3.94% 6.75% 2.81% 0.007699% 7.70
383 Feb-2008 2.98% 6.96% 3.98% 0.010904% 10.90
384 Mar-2008 2.61% 7.22% 4.61% 0.012630% 12.63
 A B C D E F
385 Apr-2008 2.28% 7.25% 4.97% 0.013616% 13.62
386 May-2008 1.98% 7.25% 5.27% 0.014438% 14.44
387 Jun-2008 2.00% 7.25% 5.25% 0.014384% 14.38
388 Jul-2008 2.01% 7.25% 5.24% 0.014356% 14.36
389 Aug-2008 2.00% 7.25% 5.25% 0.014384% 14.38
390 Sep-2008 1.81% 7.02% 5.21% 0.014274% 14.27
391 Oct-2008 0.97% 6.18% 5.21% 0.014274% 14.27
392 Nov-2008 0.39% 5.33% 4.94% 0.013534% 13.53
393 Dec-2008 0.16% 4.35% 4.19% 0.011479% 11.48
394 Jan-2009 0.15% 4.25% 4.10% 0.011233% 11.23
395 Feb-2009 0.22% 3.35% 3.13% 0.008575% 8.58
396 Mar-2009 0.18% 3.25% 3.07% 0.008411% 8.41
397 Apr-2009 0.15% 3.06% 2.91% 0.007973% 7.97
398 May-2009 0.18% 3.00% 2.82% 0.007726% 7.73
399 Jun-2009 0.21% 3.00% 2.79% 0.007644% 7.64
400 Jul-2009 0.16% 3.00% 2.84% 0.007781% 7.78
401 Aug-2009 0.16% 3.00% 2.84% 0.007781% 7.78
402 Sep-2009 0.15% 3.00% 2.85% 0.007808% 7.81
403 Oct-2009 0.12% 3.21% 3.09% 0.008466% 8.47
404 Nov-2009 0.12% 3.48% 3.36% 0.009205% 9.21
405 Dec-2009 0.12% 3.74% 3.62% 0.009918% 9.92
406 Jan-2010 0.11% 3.75% 3.64% 0.009973% 9.97
407 Feb-2010 0.13% 3.75% 3.62% 0.009918% 9.92
408 Mar-2010 0.16% 3.98% 3.82% 0.010466% 10.47
409 Apr-2010 0.20% 4.22% 4.02% 0.011014% 11.01
410 May-2010 0.20% 4.48% 4.28% 0.011726% 11.73
411 Jun-2010 0.18% 4.50% 4.32% 0.011836% 11.84
412 Jul-2010 0.18% 4.50% 4.32% 0.011836% 11.84
413 Aug-2010 0.19% 4.50% 4.31% 0.011808% 11.81
414 Sep-2010 0.19% 4.50% 4.31% 0.011808% 11.81
415 Oct-2010 0.19% 4.50% 4.31% 0.011808% 11.81
416 Nov-2010 0.19% 4.73% 4.54% 0.012438% 12.44
417 Dec-2010 0.18% 4.75% 4.57% 0.012521% 12.52
418 Jan-2011 0.17% 4.75% 4.58% 0.012548% 12.55
419 Feb-2011 0.16% 4.75% 4.59% 0.012575% 12.58
420 Mar-2011 0.14% 4.75% 4.61% 0.012630% 12.63
421 Apr-2011 0.10% 4.75% 4.65% 0.012740% 12.74
422 May-2011 0.09% 4.75% 4.66% 0.012767% 12.77
423 Jun-2011 0.09% 4.75% 4.66% 0.012767% 12.77
424 Jul-2011 0.07% 4.75% 4.68% 0.012822% 12.82
425 Aug-2011 0.10% 4.75% 4.65% 0.012740% 12.74
426 Sep-2011 0.08% 4.75% 4.67% 0.012795% 12.79
427 Oct-2011 0.07% 4.75% 4.68% 0.012822% 12.82
428 Nov-2011 0.08% 4.51% 4.43% 0.012137% 12.14
429 Dec-2011 0.07% 4.30% 4.23% 0.011589% 11.59
430 Jan-2012 0.08% 4.25% 4.17% 0.011425% 11.42
431 Feb-2012 0.10% 4.25% 4.15% 0.011370% 11.37
432 Mar-2012 0.13% 4.25% 4.12% 0.011288% 11.29
 A B C D E F
433 Apr-2012 0.14% 4.25% 4.11% 0.011260% 11.26
434 May-2012 0.16% 3.77% 3.61% 0.009890% 9.89
435 Jun-2012 0.16% 3.54% 3.38% 0.009260% 9.26
436 Jul-2012 0.16% 3.50% 3.34% 0.009151% 9.15
437 Aug-2012 0.13% 3.50% 3.37% 0.009233% 9.23
438 Sep-2012 0.14% 3.50% 3.36% 0.009205% 9.21
439 Oct-2012 0.16% 3.27% 3.11% 0.008521% 8.52
440 Nov-2012 0.16% 3.25% 3.09% 0.008466% 8.47
441 Dec-2012 0.16% 3.03% 2.87% 0.007863% 7.86
442 Jan-2013 0.14% 3.00% 2.86% 0.007836% 7.84
443 Feb-2013 0.15% 3.00% 2.85% 0.007808% 7.81
444 Mar-2013 0.14% 3.00% 2.86% 0.007836% 7.84
445 Apr-2013 0.15% 3.00% 2.85% 0.007808% 7.81
446 May-2013 0.11% 2.80% 2.69% 0.007370% 7.37
447 Jun-2013 0.09% 2.75% 2.66% 0.007288% 7.29
448 Jul-2013 0.09% 2.75% 2.66% 0.007288% 7.29
449 Aug-2013 0.08% 2.55% 2.47% 0.006767% 6.77
450 Sep-2013 0.08% 2.50% 2.42% 0.006630% 6.63
451 Oct-2013 0.09% 2.50% 2.41% 0.006603% 6.60
452 Nov-2013 0.08% 2.50% 2.42% 0.006630% 6.63
453 Dec-2013 0.09% 2.50% 2.41% 0.006603% 6.60
454 Jan-2014 0.07% 2.50% 2.43% 0.006658% 6.66
455 Feb-2014 0.07% 2.50% 2.43% 0.006658% 6.66
456 Mar-2014 0.08% 2.50% 2.42% 0.006630% 6.63
457 Apr-2014 0.09% 2.50% 2.41% 0.006603% 6.60
458 May-2014 0.09% 2.50% 2.41% 0.006603% 6.60
459 Jun-2014 0.10% 2.50% 2.40% 0.006575% 6.58
460 Jul-2014 0.09% 2.50% 2.41% 0.006603% 6.60
461 Aug-2014 0.09% 2.50% 2.41% 0.006603% 6.60
462 Sep-2014 0.09% 2.50% 2.41% 0.006603% 6.60
463 Oct-2014 0.09% 2.50% 2.41% 0.006603% 6.60
464 Nov-2014 0.09% 2.50% 2.41% 0.006603% 6.60
465 Dec-2014 0.12% 2.50% 2.38% 0.006521% 6.52
466 Jan-2015 0.11% 2.50% 2.39% 0.006548% 6.55
467 Feb-2015 0.11% 2.28% 2.17% 0.005945% 5.95
468 Mar-2015 0.11% 2.25% 2.14% 0.005863% 5.86
469 Apr-2015 0.12% 2.25% 2.13% 0.005836% 5.84
470 May-2015 0.12% 2.04% 1.92% 0.005260% 5.26
471 Jun-2015 0.13% 2.00% 1.87% 0.005123% 5.12
472 Jul-2015 0.13% 2.00% 1.87% 0.005123% 5.12
473 Aug-2015 0.14% 2.00% 1.86% 0.005096% 5.10
474 Sep-2015 0.14% 2.00% 1.86% 0.005096% 5.10
475 Oct-2015 0.12% 2.00% 1.88% 0.005151% 5.15
476 Nov-2015 0.12% 2.00% 1.88% 0.005151% 5.15
477 Dec-2015 0.24% 2.00% 1.76% 0.004822% 4.82
478 Jan-2016 0.34% 2.00% 1.66% 0.004548% 4.55
479 Feb-2016 0.38% 2.00% 1.62% 0.004438% 4.44
480 Mar-2016 0.36% 2.00% 1.64% 0.004493% 4.49
 A B C D E F
481 Apr-2016 0.37% 2.00% 1.63% 0.004466% 4.47
482 May-2016 0.37% 1.77% 1.40% 0.003836% 3.84
483 Jun-2016 0.38% 1.75% 1.37% 0.003753% 3.75
484 Jul-2016 0.39% 1.75% 1.36% 0.003726% 3.73
485 Aug-2016 0.40% 1.52% 1.12% 0.003068% 3.07
486 Sep-2016 0.40% 1.50% 1.10% 0.003014% 3.01
487 Oct-2016 0.40% 1.50% 1.10% 0.003014% 3.01
488 Nov-2016 0.41% 1.50% 1.09% 0.002986% 2.99
489 Dec-2016 0.54% 1.50% 0.96% 0.002630% 2.63
490 Jan-2017 0.65% 1.50% 0.85% 0.002329% 2.33
491 Feb-2017 0.66% 1.50% 0.84% 0.002301% 2.30
492 Mar-2017 0.79% 1.50% 0.71% 0.001945% 1.95
493 Apr-2017 0.90% 1.50% 0.60% 0.001644% 1.64
494 May-2017 0.91% 1.50% 0.59% 0.001616% 1.62
495 Jun-2017 1.04% 1.50% 0.46% 0.001260% 1.26
496 Jul-2017 1.15% 1.50% 0.35% 0.000959% 0.96
497 Aug-2017 1.16% 1.50% 0.34% 0.000932% 0.93
498 Sep-2017 1.15% 1.50% 0.35% 0.000959% 0.96
499 Oct-2017 1.15% 1.50% 0.35% 0.000959% 0.96
500 Nov-2017 1.16% 1.50% 0.34% 0.000932% 0.93
501 Dec-2017 1.30% 1.50% 0.20% 0.000548% 0.55
502 Jan-2018 1.41% 1.50% 0.09% 0.000247% 0.25
503 Feb-2018 1.42% 1.50% 0.08% 0.000219% 0.22
504 Mar-2018 1.51% 1.50% -0.01% -0.000027% -0.03
505 Apr-2018 1.69% 1.50% -0.19% -0.000521% -0.52
506 May-2018 1.70% 1.50% -0.20% -0.000548% -0.55
507 Jun-2018 1.82% 1.50% -0.32% -0.000877% -0.88
508 Jul-2018 1.91% 1.50% -0.41% -0.001123% -1.12
509 Aug-2018 1.91% 1.50% -0.41% -0.001123% -1.12
510 Sep-2018 1.95% 1.50% -0.45% -0.001233% -1.23
511 Oct-2018 2.19% 1.50% -0.69% -0.001890% -1.89
512 Nov-2018 2.20% 1.50% -0.70% -0.001918% -1.92
513 Dec-2018 2.27% 1.50% -0.77% -0.002110% -2.11
514 Jan-2019 2.40% 1.50% -0.90% -0.002466% -2.47
515 Feb-2019 2.40% 1.50% -0.90% -0.002466% -2.47
516 Mar-2019 2.41% 1.50% -0.91% -0.002493% -2.49
517 Apr-2019 2.42% 1.50% -0.92% -0.002521% -2.52
518 May-2019 2.39% 1.50% -0.89% -0.002438% -2.44
519 Jun-2019 2.38% 1.28% -1.10% -0.003014% -3.01
520 Jul-2019 2.40% 1.02% -1.38% -0.003781% -3.78
521 Aug-2019 2.13% 1.00% -1.13% -0.003096% -3.10
522 Sep-2019 2.04% 1.00% -1.04% -0.002849% -2.85
523 Oct-2019 1.83% 0.76% -1.07% -0.002932% -2.93
524 Nov-2019 1.55% 0.75% -0.80% -0.002192% -2.19
525 Dec-2019 1.55% 0.75% -0.80% -0.002192% -2.19
526 Jan-2020 1.55% 0.75% -0.80% -0.002192% -2.19
 G H I J K L M N
1 100,000
2
3
AUD/USD IR% Differential 1976-2020
4
5 13.00%
6 12.00%
7 11.00%
8 10.00%
9 9.00%

10 8.00%
7.00%
11
6.00%
12
5.00%
13
4.00%
14
3.00%
15 2.00%
16 1.00%
17 0.00%
18 -1.00%
19 -2.00%
20 -3.00%
21 -4.00%
22 -5.00%

23 -6.00%
-7.00%
24
-8.00%
25
-9.00%
26
-10.00%
27
76 80 84 88 92 96 00
0 04 08 12
28 - 19 - 19 - 19 - 19 - 19 - 19 -2 - 20 - 20 - 20
ay ay ay ay ay ay ay ay ay ay
29 M M M M M M M M M M M

30
31
32
AUD/USD Daily Rollover 1976-2020
33
34 0.0500%
35 0.0450%
36 0.0400%
37 0.0350%
38
0.0300%
39
0.0250%
40
0.0200%
41
0.0150%
42
0.0100%
43
0.0050%
44
45 0.0000%

46 -0.0050%
47 -0.0100%
48 -0.0150%
-0.0200%
-0.0250%
-0.0300%
 0.0000%
-0.0050%
-0.0100%
G-0.0150% H I J K L M N
49 -0.0200%
50 -0.0250%
51 -0.0300%
52 -0.0350%
53 -0.0400%
54
-0.0450%
55
-0.0500%
56 6
97 80 98
4 88 92 96 00 04 08 12
57 -1 - 19 -1 - 19 - 19 - 19 - 20 - 20 - 20 - 20
ay ay ay ay ay ay ay ay ay ay a
58 M M M M M M M M M M M

59
60
61 Synthetic Rollover $
62
40.00
63 38.00
64 36.00
34.00
65 32.00
30.00
66 28.00
67 26.00
24.00
68 22.00
20.00
69 18.00
70 16.00
14.00
71 12.00
10.00
72 8.00
73 6.00
4.00
74 2.00
75 0.00
-2.00
76 -4.00
-6.00
77 -8.00
78 -10.00
-12.00
79 -14.00
-16.00
80 -18.00
81 -20.00
-22.00
82 -24.00
-26.00
83 -28.00
84 -30.00
85 6 0 4 8 2 6 0 4 8 2
97 98 98 98 99 99 00 00 00 01
y-1 -1 -1 -1 -1 -1 -2 -2 -2 -2
86 a ay a y a y a y a y a y a y a y a y
M M M M M M M M M M M
87
88
89 Diff' Score
90 5.50 1 As the gap between Interest Rates in Australia a
91 5.00 4 widens by too much as authorities will more than
92 4.50 7
93 4.00 10 As the gap between Interest Rates in Australia a
94 3.50 9 narrows by too much as authorities will have alre
95 3.00 7 Buy AUD/USD
96 2.50 5 Note: The scorecard measures the change / dire
 G H I J K L M N
97 2.00 4
98 1.50 3
99 1.00 2
100 0.50 1
101 0.00 0
102 -0.50 -1
103 -1.00 -2
104 -1.50 -3
105 -2.00 -4
106 -2.50 -5
107 -3.00 -7 Sell AUD/USD
108 -3.50 -9
109 -4.00 -10
110 -5.50 -7
111 -6.00 -4
112 -6.50 -1
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
 G H I J K L M N
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258 0.7253
259 0.7012
260 0.6815
261 0.6517
262 0.683
263 0.6795
264 0.6624
265 0.6495
266 0.6232
267 0.6206
268 0.6065
269 0.5661
270 0.5938
271 0.6236
272 0.6286
273 0.6116
274 0.6305
275 0.6191
276 0.634
277 0.6615
278 0.6491
279 0.6673
280 0.6517
281 0.641
282 0.6525
283 0.6392
284 0.6358
285 0.6575
286 0.6373
287 0.618
288 0.608
 G H I J K L M N
289 0.5838
290 0.5729
291 0.5953
292 0.581
293 0.5769
294 0.543
295 0.5175
296 0.5286
297 0.559
298 0.55
299 0.5263
300 0.486
301 0.5128
302 0.5071
303 0.511
304 0.51
305 0.5294
306 0.4913
307 0.503
308 0.5218
309 0.509
310 0.508
311 0.5182
312 0.5333
313 0.5384
314 0.5674
315 0.5636
316 0.5424
317 0.5508
318 0.5427
319 0.5548
320 0.5608
321 0.5614
322 0.5872
323 0.6089
324 0.6044
325 0.6263
326 0.6527
327 0.6734
328 0.6484
329 0.6472
330 0.6802
331 0.7084
332 0.7242
333 0.7526
334 0.7642
335 0.774
336 0.7668
 G H I J K L M N
337 0.7208
338 0.7151
339 0.6985
340 0.7026
341 0.7046
342 0.7275
343 0.7487
344 0.7721
345 0.7822
346 0.7752
347 0.7923
348 0.7724
349 0.781
350 0.7559
351 0.7625
352 0.7568
353 0.755
354 0.7612
355 0.7484
356 0.7385
357 0.7336
358 0.7587
359 0.7425 31/01/06 67.2 0.672
360 0.7163 28/02/06 65.2 0.652
361 0.7577 31/03/06 66.7 0.667
362 0.7524 30/04/06 67.3 0.673
363 0.7423 31/05/06 67.3 0.673
364 0.7662 30/06/06 69.3 0.693
365 0.764 31/07/06 70.5 0.705
366 0.7464 31/08/06 69.8 0.698
367 0.7742 30/09/06 70 0.7
368 0.7885 31/10/06 71.7 0.717
369 0.7893 30/11/06 73.5 0.735
370 0.7768 31/12/06 73.5 0.735
371 0.7881 31/01/07 78.2 0.782
372 0.8085 28/02/07 82.66 0.8266
373 0.8307 31/03/07 88.55 0.8855
374 0.8277 30/04/07 91.26 0.9126
375 0.8488 31/05/07 102.02 1.0202
376 0.851 30/06/07 103.21 1.0321
377 0.8177 31/07/07 106.09 1.0609
378 0.8873 31/08/07 121.89 1.2189
379 0.9323 30/09/07 148.65 1.4865
380 0.8842 31/10/07 168.11 1.6811
381 0.8759 30/11/07 195.09 1.9509
382 0.8961 31/12/07 190.12 1.9012
383 0.9315 31/01/08 193.37 1.9337
384 0.9127 29/02/08 186.12 1.8612
 G H I J K L M N
385 0.9425 31/03/08 197.12 1.9712
386 0.9559 30/04/08 195.95 1.9595
387 0.9579 31/05/08 192.95 1.9295
388 0.9418 30/06/08 183.93 1.8393
389 0.8582 31/07/08 180.5 1.805
390 0.7944 31/08/08 178.74 1.7874
391 0.6679 30/09/08 139.64 1.3964
392 0.6551 31/10/08 88.67 0.8867
393 0.7076 30/11/08 64.95 0.6495
394 0.6351 31/12/08 69.98 0.6998
395 0.6399 31/01/09 72.51 0.7251
396 0.6922 28/02/09 75.59 0.7559
397 0.7252 31/03/09 64.07 0.6407
398 0.8012 30/04/09 59.78 0.5978
399 0.8069 31/05/09 62.69 0.6269
400 0.8354 30/06/09 71.66 0.7166
401 0.8445 31/07/09 83.95 0.8395
402 0.8837 31/08/09 97.67 0.9767
403 0.8993 30/09/09 80.71 0.8071
404 0.9151 31/10/09 86.79 0.8679
405 0.8973 30/11/09 99.26 0.9926
406 0.8847 31/12/09 105.07 1.0507
407 0.8951 31/01/10 125.72 1.2572
408 0.9167 28/02/10 127.49 1.2749
409 0.9246 31/03/10 139.69 1.3969
410 0.8466 30/04/10 172.47 1.7247
411 0.84 31/05/10 161.35 1.6135
412 0.9042 30/06/10 143.63 1.4363
413 0.8909 31/07/10 126.36 1.2636
414 0.9668 31/08/10 145.34 1.4534
415 0.9837 30/09/10 140.62727 1.4062727
416 0.9577 31/10/10 148.48095 1.4848095
417 1.0217 30/11/10 156.1 1.561
418 0.9967 31/12/10 163.1 1.631
419 1.0186 31/01/11 179.18 1.7918
420 1.0328 28/02/11 187.18 1.8718
421 1.0967 31/03/11 169.36 1.6936
422 1.0671 30/04/11 179.33 1.7933
423 1.0722 31/05/11 177.05 1.7705
424 1.0995 30/06/11 170.88 1.7088
425 1.0702 31/07/11 172.98 1.7298
426 0.9664 31/08/11 177.5 1.775
427 1.0536 30/09/11 177.23 1.7723
428 1.0276 31/10/11 150.43 1.5043
429 1.0228 30/11/11 135.54 1.3554
430 1.0616 31/12/11 136.39 1.3639
431 1.0732 31/01/12 140.26 1.4026
432 1.0346 29/02/12 140.4 1.404
 G H I J K L M N
433 1.0426 31/03/12 144.66 1.4466
434 0.9729 30/04/12 147.64 1.4764
435 1.024 31/05/12 136.61 1.3661
436 1.0502 30/06/12 134.66 1.3466
437 1.0322 31/07/12 127.94 1.2794
438 1.0378 31/08/12 107.5 1.075
439 1.0375 30/09/12 99.47 0.9947
440 1.0428 31/10/12 113.95 1.1395
441 1.0394 30/11/12 120.35 1.2035
442 1.0424 31/12/12 128.51111 1.2851111
443 1.0214 31/01/13 150.49091 1.5049091
444 1.0419 28/02/13 154.63889 1.5463889
445 1.0371 31/03/13 139.87 1.3987
446 0.9573 30/04/13 137.39091 1.3739091
447 0.9137 31/05/13 124.00952 1.2400952
448 0.8982 30/06/13 114.815 1.14815
449 0.89 31/07/13 127.1913 1.271913
450 0.9317 31/08/13 137.055 1.37055
451 0.9459 30/09/13 134.18571 1.3418571
452 0.9112 31/10/13 132.57273 1.3257273
453 0.8918 30/11/13 136.32381 1.3632381
454 0.8756 31/12/13 135.79048 1.3579048
455 0.8929 31/01/14 128.119 1.28119
456 0.9264 28/02/14 121.37 1.2137
457 0.9288 31/03/14 111.833 1.11833
458 0.9312 30/04/14 114.581 1.14581
459 0.9432 31/05/14 100.56 1.0056
460 0.9296 30/06/14 92.743 0.92743
461 0.9338 31/07/14 96.05 0.9605
462 0.8746 31/08/14 92.614 0.92614
463 0.8798 30/09/14 82.37955 0.8237955
464 0.851 31/10/14 81 0.81
465 0.817 30/11/14 74 0.74
466 0.7769 31/12/14 68 0.68
467 0.7812 31/01/15 68 0.68
468 0.773392 28/02/15 63 0.63
469 0.772122
470 0.788439
471 0.770774
472 0.741552
473 0.730266
474 0.705681
475 0.719986
476 0.714563
477 0.724369
478 0.70267
479 0.712866
480 0.749343
 G H I J K L M N
481 0.766204
482 0.73166
483 0.739711
484 0.752537
485 0.762205
486 0.757825
487 0.761563
488 0.752673
489 0.73393
490 0.744267
491 0.766378
492 0.762244
493 0.754485
494 0.743424
495 0.754445
496 0.77923
497 0.791732
498 0.797345
499 0.779598
500 0.762635
501 0.764435
502 0.794653
503 0.787814
504 0.775818
505 0.768356
506 0.752717
507 0.749593
508 0.74059
509 0.733373
510 0.719623
511 0.710503
512 0.724212
513 0.71669
514 0.714738
515 0.715199
516 0.708242
517 0.711371
518 0.694823
519 0.694587
520 0.698681
521 0.677118
522 0.680545
523 0.679502
524 0.683175
525 0.687971
526 0.687565
 O P Q R S T U V W
1
2

al 1976-2020 3 AUD/USD Vs Interest Rate Diff

4
5 8.00%
6 7.50%
7 7.00%
8 6.50%
6.00%
9
5.50%
10
5.00%
11 4.50%
12 4.00%
13 3.50%
14 3.00%
15 2.50%
16 2.00%
1.50%
17
1.00%
18
0.50%
19
0.00%
20 -0.50%
21 -1.00%
22 -1.50%
23 -2.00%
24 -2.50%
25 -3.00%
-3.50%
26
-4.00%
0 27
04 08 12 16 7 9 1 3 5 7 9
20 28 20 20 20 99 99 00 00 00 00 00 20
ay
-
ay
-
ay
-
ay
-
p-1 p-1 p-2 p-2 p-2 p-2 p-2 p-
M S e S e S e S e S e S e S e S e
29M M M

30
31
32
er 1976-2020
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
 O P Q R S T U V W
49
50
51
52
53
54
55
56
00 04 08 12 16
- 20 57 - 20 - 20 - 20
ay ay ay ay
M 58M M M

59
60
er $ 61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
0 4 85 8 2 6
00 00 01 01
y-2 y-2 y-2 y-2
a 86Ma a a
M M M
87
88
89
e gap between 90
Interest Rates in Australia and the U.S. widens this creates hot money flows out of USD into AUD to obtain Carry. This is inflationary fo
91
ns by too much as authorities will more than likely intervene in order to avoid hyperinflation.
92
e gap between 93
Interest Rates in Australia and the U.S. narrows, this creates hot money flows out of AUD into USD because Carry is depleting. This is
ws by too much94as authorities will have already intervened and inflationary conditions may begin to appear.
95
: The scorecard96
measures the change / direction and magnitude of the IR differential. Not the absolute level.
 X Y Z AA AB AC AD AE AF
1
2
USD Vs Interest
3 Rate Differential (Carry)
4
5 1.15
6
1.10
7
8 1.05
9 1.00
10
11 0.95

12 0.90
13
0.85
14
15 0.80
16
0.75
17
18 0.70
19
0.65
20
21 0.60

22 0.55
23
0.50
24
25 0.45
26
0.40
27
05 007 00
9
01
1
01
3
01
5
01
7
01
9
20 -2 28 p-2 -2 -2 -2 -2 -2
p- p p p p p p
Se 29 S
e S e S e S e S e S e

30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
 X Y Z AA AB AC AD AE AF
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90 is inflationary for Australia. Here we buy the AUD/USD however our conviction lowers if the gap
o obtain Carry. This
91
92
because Carry 93is depleting. This is deflationary for Australia. Here we sell the AUD/USD however our conviction lowers if the gap
94
95
96
 Date AUD/USD ASX200 ASX(USD)
7-Feb-20 0.6673 7022.6001 4686.18
6-Feb-20 0.6732 7049.2002 4745.52
5-Feb-20 0.6751 6976.1001 4709.57 5200.00
4-Feb-20 0.6731 6948.7002 4677.17 5000.00
4800.00
3-Feb-20 0.669 6923.2998 4631.69
4600.00
31-Jan-20 0.6682 7017.2002 4688.89 4400.00
30-Jan-20 0.6705 7008.3999 4699.13 4200.00
29-Jan-20 0.6753 7031.5 4748.37 4000.00
28-Jan-20 0.6763 7023.5 4749.99 3800.00
3600.00
24-Jan-20 0.6824 7090.5 4838.56
3400.00
23-Jan-20 0.6848 7088 4853.86 3200.00
22-Jan-20 0.684 7132.7002 4878.77 3000.00
21-Jan-20 0.6846 7066.2998 4837.59 2800.00
20-Jan-20 0.6876 7079.5 4867.86 2600.00
2400.00
17-Jan-20 0.6872 7064.1001 4854.45
2200.00
16-Jan-20 0.6898 7041.7998 4857.43 2000.00
15-Jan-20 0.6907 6994.7998 4831.31 1800.00
14-Jan-20 0.6895 6962.2002 4800.44 1600.00
13-Jan-20 0.6897 6903.7002 4761.48 1400.00
1200.00
10-Jan-20 0.6898 6929 4779.62
1000.00
9-Jan-20 0.6853 6874.2002 4710.89 800.00
8-Jan-20 0.6875 6817.6001 4687.10 600.00
7-Jan-20 0.6859 6826.3999 4682.23 400.00
6-Jan-20 0.6936 6735.7002 4671.88 200.00
0.00
3-Jan-20 0.6946 6733.5 4677.09 3-Jan-17 3-Apr-17 3-Jul-17 3-Oct-17
2-Jan-20 0.6983 6690.6001 4672.05
31-Dec-19 0.7013 6684.1001 4687.56
30-Dec-19 0.7002 6804.8999 4764.79
27-Dec-19 0.6979 6821.7002 4760.86 Source = http://www.eoddata.com/stockquote/FOREX/AUDUSD.
24-Dec-19 0.6919 6794.2002 4700.91 https://sg.finance.yahoo.com/q/hp?s=%5EAXJO&a=10&
23-Dec-19 0.6926 6785.1001 4699.36
20-Dec-19 0.6897 6816.2998 4701.20 Deflationary = Stock market lower due to lower earnings - In Au
19-Dec-19 0.6889 6833.1001 4707.32 Inflationary = Stock market higher due to higher earnings - In Au
18-Dec-19 0.6855 6851.3999 4696.63 Buy AUD/USD during inflationary normaility, Sell during Inflation
17-Dec-19 0.685 6847.2998 4690.40
16-Dec-19 0.6871 6849.7002 4706.43 With a stock index we are talking about peoples pensions. The w
13-Dec-19 0.6871 6739.7002 4630.85 On the flipside, extreme pension inflation can cause a spending
12-Dec-19 0.6928 6708.7998 4647.86
11-Dec-19 0.6869 6752.6001 4638.36 If ASX priced in USD falls this is deflationary for Australia becaus
10-Dec-19 0.6811 6706.8999 4568.07 If ASX priced in USD rises this is inflationary for Australia becaus
9-Dec-19 0.6824 6730 4592.55 If ASX priced in Dollars falls too far from its highs we must be pr
6-Dec-19 0.6839 6707 4586.92 If ASX priced in Dollars rises too far above previous highs we mu
5-Dec-19 0.6834 6683 4567.16
4-Dec-19 0.6849 6606.5 4524.79 Date AUD/USD ASX
 3-Dec-19 0.6849 6712.2998 4597.25 High = 14-Dec-09 0.9168 6771.9
2-Dec-19 0.6817 6862.2998 4678.03 Current = 7-Feb-20 0.6673 7022.6
29-Nov-19 0.6758 6846 4626.53 Difference 24.52%
28-Nov-19 0.6767 6864 4644.87
27-Nov-19 0.6763 6850.6001 4633.06
26-Nov-19 0.6787 6787.5 4606.68
25-Nov-19 0.6772 6731.3999 4558.50
22-Nov-19 0.6782 6709.7998 4550.59
21-Nov-19 0.6789 6672.8999 4530.23
20-Nov-19 0.6799 6722.3999 4570.56
19-Nov-19 0.6823 6814.2002 4649.33
18-Nov-19 0.6805 6766.7998 4604.81
15-Nov-19 0.6815 6793.7002 4629.91
14-Nov-19 0.6787 6735.1001 4571.11
13-Nov-19 0.6837 6698.3999 4579.70
12-Nov-19 0.6844 6753 4621.75
11-Nov-19 0.6851 6772.5 4639.84
8-Nov-19 0.6853 6724.1001 4608.03
7-Nov-19 0.6899 6726.6001 4640.68
6-Nov-19 0.6876 6660.2002 4579.55
5-Nov-19 0.6892 6697.1001 4615.64
4-Nov-19 0.6889 6686.8999 4606.61
1-Nov-19 0.6902 6669.1001 4603.01
31-Oct-19 0.6891 6663.3999 4591.75
30-Oct-19 0.6897 6689.5 4613.75
29-Oct-19 0.6855 6745.3999 4623.97
28-Oct-19 0.684 6740.7002 4610.64
25-Oct-19 0.682 6739.2002 4596.13
24-Oct-19 0.6814 6693.6001 4561.02
23-Oct-19 0.685 6673.1001 4571.07
22-Oct-19 0.6861 6672.2002 4577.80
21-Oct-19 0.687 6652.5 4570.27
18-Oct-19 0.6855 6649.7002 4558.37
17-Oct-19 0.6823 6684.7002 4560.97
16-Oct-19 0.6759 6736.5 4553.20
15-Oct-19 0.6751 6652 4490.77
14-Oct-19 0.6773 6642.6001 4499.03
11-Oct-19 0.679 6606.7998 4486.02
10-Oct-19 0.6763 6547.1001 4427.80
9-Oct-19 0.6714 6546.7002 4395.45
8-Oct-19 0.6723 6593.3999 4432.74
7-Oct-19 0.6733 6563.6001 4419.27
4-Oct-19 0.6767 6517.1001 4410.12
3-Oct-19 0.6748 6493 4381.48
2-Oct-19 0.6709 6639.8999 4454.71
 1-Oct-19 0.6709 6742.7998 4523.74
30-Sep-19 0.675 6688.2998 4514.60
27-Sep-19 0.6761 6716.1001 4540.76
26-Sep-19 0.6754 6677.6001 4510.05
25-Sep-19 0.6757 6710.2002 4534.08
24-Sep-19 0.6801 6748.8999 4589.93
23-Sep-19 0.6775 6749.7002 4572.92
20-Sep-19 0.6764 6730.7998 4552.71
19-Sep-19 0.6793 6717.5 4563.20
18-Sep-19 0.6823 6681.6001 4558.86
17-Sep-19 0.6865 6695.2998 4596.32
16-Sep-19 0.6868 6673.5 4583.36
13-Sep-19 0.6877 6669.2002 4586.41
12-Sep-19 0.6862 6654.8999 4566.59
11-Sep-19 0.6874 6638 4562.96
10-Sep-19 0.6857 6614.1001 4535.29
9-Sep-19 0.6861 6648 4561.19
6-Sep-19 0.6844 6647.2998 4549.41
5-Sep-19 0.6812 6613.2002 4504.91
4-Sep-19 0.6799 6553 4455.38
3-Sep-19 0.6764 6573.3999 4446.25
2-Sep-19 0.6714 6579.3999 4417.41
30-Aug-19 0.6732 6604.2002 4445.95
29-Aug-19 0.6736 6507.3999 4383.38
28-Aug-19 0.6739 6500.6001 4380.75
27-Aug-19 0.6752 6471.2002 4369.35
26-Aug-19 0.6769 6440.1001 4359.30
23-Aug-19 0.6749 6523.1001 4402.44
22-Aug-19 0.6753 6501.7998 4390.67
21-Aug-19 0.6784 6483.2998 4398.27
20-Aug-19 0.6773 6545 4432.93
19-Aug-19 0.6755 6467.3999 4368.73
16-Aug-19 0.6776 6405.5 4340.37
15-Aug-19 0.6773 6408.1001 4340.21
14-Aug-19 0.6755 6595.8999 4455.53
13-Aug-19 0.6794 6568.5 4462.64
12-Aug-19 0.6756 6590.2998 4452.41
9-Aug-19 0.6781 6584.3999 4464.88
8-Aug-19 0.6811 6568.1001 4473.53
7-Aug-19 0.6761 6519.5 4407.83
6-Aug-19 0.6761 6478.1001 4379.84
5-Aug-19 0.6763 6640.2998 4490.83
2-Aug-19 0.6798 6768.6001 4601.29
1-Aug-19 0.6805 6788.8999 4619.85
31-Jul-19 0.6846 6812.6001 4663.91
 30-Jul-19 0.6876 6845.1001 4706.69
29-Jul-19 0.6898 6825.7998 4708.44
26-Jul-19 0.6908 6793.3999 4692.88
25-Jul-19 0.6951 6818 4739.19
24-Jul-19 0.6979 6776.7002 4729.46
23-Jul-19 0.6995 6724.6001 4703.86
22-Jul-19 0.7028 6691.2002 4702.58
19-Jul-19 0.704 6700.2998 4717.01
18-Jul-19 0.7065 6649.1001 4697.59
17-Jul-19 0.7012 6673.2998 4679.32
16-Jul-19 0.7015 6641 4658.66
15-Jul-19 0.7038 6653 4682.38
12-Jul-19 0.7018 6696.5 4699.60
11-Jul-19 0.6972 6716.1001 4682.46
10-Jul-19 0.6958 6689.7998 4654.76
9-Jul-19 0.6925 6665.7002 4616.00
8-Jul-19 0.6972 6672.2002 4651.86
5-Jul-19 0.6976 6751.2998 4709.71
4-Jul-19 0.7025 6718 4719.40
3-Jul-19 0.7031 6685.5 4700.58
2-Jul-19 0.6994 6653.2002 4653.25
1-Jul-19 0.6965 6648.1001 4630.40
28-Jun-19 0.7015 6618.7998 4643.09
27-Jun-19 0.7003 6666.2998 4668.41
26-Jun-19 0.6986 6640.5 4639.05
25-Jun-19 0.6958 6658 4632.64
24-Jun-19 0.6965 6665.3999 4642.45
21-Jun-19 0.6924 6650.7998 4605.01
20-Jun-19 0.6921 6687.3999 4628.35
19-Jun-19 0.6885 6648.1001 4577.22
18-Jun-19 0.6881 6570 4520.82
17-Jun-19 0.6852 6530.8999 4474.97
14-Jun-19 0.687 6554 4502.60
13-Jun-19 0.6911 6542.3999 4521.45
12-Jun-19 0.693 6543.7002 4534.78
11-Jun-19 0.6961 6546.2998 4556.88
7-Jun-19 0.6998 6443.8999 4509.44
6-Jun-19 0.6974 6383 4451.50
5-Jun-19 0.697 6358.5 4431.87
4-Jun-19 0.6991 6332.3999 4426.98
3-Jun-19 0.697 6320.5 4405.39
31-May-19 0.6935 6396.8999 4436.25
30-May-19 0.6905 6392.1001 4413.75
29-May-19 0.6918 6440 4455.19
28-May-19 0.6925 6484.7998 4490.72
27-May-19 0.692 6451.8999 4464.71
24-May-19 0.6926 6456 4471.43
23-May-19 0.6898 6491.7998 4478.04
22-May-19 0.6877 6510.7002 4477.41
21-May-19 0.6883 6500.1001 4474.02
20-May-19 0.692 6476.1001 4481.46
17-May-19 0.6864 6365.2998 4369.14
16-May-19 0.6892 6327.7998 4361.12
15-May-19 0.6926 6284.2002 4352.44
14-May-19 0.6937 6239.8999 4328.62
13-May-19 0.6945 6297.6001 4373.68
10-May-19 0.6997 6310.8999 4415.74
9-May-19 0.6987 6295.2998 4398.53
8-May-19 0.6993 6269.1001 4383.98
7-May-19 0.7006 6295.7002 4410.77
6-May-19 0.6994 6283.7002 4394.82
3-May-19 0.7021 6335.7998 4448.37
2-May-19 0.6993 6338.3999 4432.44
1-May-19 0.7014 6375.8999 4472.06
30-Apr-19 0.7052 6325.5 4460.74
29-Apr-19 0.7054 6359.5 4485.99
26-Apr-19 0.7036 6385.6001 4492.91
24-Apr-19 0.701 6382.1001 4473.85
23-Apr-19 0.71 6319.3999 4486.77
18-Apr-19 0.7142 6259.7998 4470.75
17-Apr-19 0.7173 6256.3999 4487.72
16-Apr-19 0.7165 6277.3999 4497.76
15-Apr-19 0.7173 6251.3999 4484.13
12-Apr-19 0.7171 6251.2998 4482.81
11-Apr-19 0.7126 6198.7002 4417.19
10-Apr-19 0.7166 6223.5 4459.76
9-Apr-19 0.7129 6221.7998 4435.52
8-Apr-19 0.7121 6221.3999 4430.26
5-Apr-19 0.7102 6181.2998 4389.96
4-Apr-19 0.711 6232.7998 4431.52
3-Apr-19 0.712 6285 4474.92
2-Apr-19 0.7057 6242.3999 4405.26
1-Apr-19 0.7109 6217 4419.67
29-Mar-19 0.7095 6180.7002 4385.21
28-Mar-19 0.7083 6176.1001 4374.53
27-Mar-19 0.7082 6136 4345.52
26-Mar-19 0.7137 6130.6001 4375.41
25-Mar-19 0.7116 6126.2002 4359.40
22-Mar-19 0.7079 6195.2002 4385.58
21-Mar-19 0.7105 6167.2002 4381.80
20-Mar-19 0.7128 6165.2998 4394.63
19-Mar-19 0.7085 6184.7998 4381.93
18-Mar-19 0.7103 6190.5 4397.11
15-Mar-19 0.7083 6175.2002 4373.89
14-Mar-19 0.7065 6179.6001 4365.89
13-Mar-19 0.7085 6161.2002 4365.21
12-Mar-19 0.7063 6174.7998 4361.26
11-Mar-19 0.7072 6180.2002 4370.64
8-Mar-19 0.7043 6203.7998 4369.34
7-Mar-19 0.7022 6263.8999 4398.51
6-Mar-19 0.7031 6245.6001 4391.28
5-Mar-19 0.7088 6199.2998 4394.06
4-Mar-19 0.709 6217.3999 4408.14
1-Mar-19 0.7076 6192.7002 4381.95
28-Feb-19 0.7103 6169 4381.84
27-Feb-19 0.7149 6150.2998 4396.85
26-Feb-19 0.7191 6128.3999 4406.93
25-Feb-19 0.7172 6186.2998 4436.81
22-Feb-19 0.7124 6167.2998 4393.58
21-Feb-19 0.7109 6139.2002 4364.36
20-Feb-19 0.717 6096.5 4371.19
19-Feb-19 0.7169 6106.8999 4378.04
18-Feb-19 0.7131 6089.7998 4342.64
15-Feb-19 0.7137 6066.1001 4329.38
14-Feb-19 0.7105 6059.3999 4305.20
13-Feb-19 0.7091 6063.6001 4299.70
12-Feb-19 0.7105 6079.1001 4319.20
11-Feb-19 0.7062 6060.7998 4280.14
8-Feb-19 0.7084 6071.5 4301.05
7-Feb-19 0.709 6092.5 4319.58
6-Feb-19 0.711 6026.1001 4284.56
5-Feb-19 0.7244 6005.8999 4350.67
4-Feb-19 0.7212 5891.2002 4248.73
1-Feb-19 0.7246 5862.7998 4248.18
31-Jan-19 0.7275 5864.7002 4266.57
30-Jan-19 0.7254 5886.7002 4270.21
29-Jan-19 0.7159 5874.2002 4205.34
25-Jan-19 0.7179 5905.6001 4239.63
24-Jan-19 0.7087 5865.7002 4157.02
23-Jan-19 0.7147 5843.7002 4176.49
22-Jan-19 0.7122 5858.7998 4172.64
21-Jan-19 0.7158 5890.3999 4216.35
18-Jan-19 0.7166 5879.6001 4213.32
17-Jan-19 0.7188 5850.1001 4205.05
16-Jan-19 0.7174 5835.2002 4186.17
 15-Jan-19 0.7207 5814.6001 4190.58
14-Jan-19 0.7199 5773.3999 4156.27
11-Jan-19 0.7214 5774.6001 4165.80
10-Jan-19 0.7187 5795.2998 4165.08
9-Jan-19 0.7175 5778.2998 4145.93
8-Jan-19 0.7167 5722.3999 4101.24
7-Jan-19 0.714 5683.2002 4057.80
4-Jan-19 0.7114 5619.3999 3997.64
3-Jan-19 0.7008 5633.3999 3947.89
2-Jan-19 0.6919 5557.7998 3845.44
31-Dec-18 0.7045 5646.3999 3977.89
28-Dec-18 0.7036 5654.2998 3978.37
27-Dec-18 0.7028 5597.2002 3933.71
24-Dec-18 0.7041 5493.7998 3868.18
21-Dec-18 0.7032 5467.6001 3844.82
20-Dec-18 0.7123 5505.7998 3921.78
19-Dec-18 0.7115 5580.6001 3970.60
18-Dec-18 0.7189 5589.5 4018.29
17-Dec-18 0.7178 5658.2998 4061.53
14-Dec-18 0.717 5602 4016.63
13-Dec-18 0.7223 5661.6001 4089.37
12-Dec-18 0.7221 5653.5 4082.39
11-Dec-18 0.722 5575.8999 4025.80
10-Dec-18 0.7193 5552.5 3993.91
7-Dec-18 0.7198 5681.5 4089.54
6-Dec-18 0.7228 5657.6001 4089.31
5-Dec-18 0.7258 5668.3999 4114.12
4-Dec-18 0.7346 5713.1001 4196.84
3-Dec-18 0.7357 5771.2002 4245.87
30-Nov-18 0.731 5667.2002 4142.72
29-Nov-18 0.7322 5758.3999 4216.30
28-Nov-18 0.7301 5725.1001 4179.90
27-Nov-18 0.7228 5728.2998 4140.42
26-Nov-18 0.7223 5671.6001 4096.60
23-Nov-18 0.7228 5716.2002 4131.67
22-Nov-18 0.7251 5691.2998 4126.76
21-Nov-18 0.7259 5642.7998 4096.11
20-Nov-18 0.7216 5671.7998 4092.77
19-Nov-18 0.7293 5693.7002 4152.42
16-Nov-18 0.7329 5730.6001 4199.96
15-Nov-18 0.7271 5736 4170.65
14-Nov-18 0.7235 5732.7998 4147.68
13-Nov-18 0.7236 5834.2002 4221.63
12-Nov-18 0.7179 5941.2998 4265.26
9-Nov-18 0.722 5921.7998 4275.54
 8-Nov-18 0.7267 5928.2002 4308.02
7-Nov-18 0.7275 5896.8999 4289.99
6-Nov-18 0.7235 5875.2002 4250.71
5-Nov-18 0.7211 5818.1001 4195.43
2-Nov-18 0.7192 5849.2002 4206.74
1-Nov-18 0.7204 5840.7998 4207.71
31-Oct-18 0.7082 5830.2998 4129.02
30-Oct-18 0.7102 5805.1001 4122.78
29-Oct-18 0.7061 5728.2002 4044.68
26-Oct-18 0.7083 5665.2002 4012.66
25-Oct-18 0.7082 5664.1001 4011.32
24-Oct-18 0.7062 5829 4116.44
23-Oct-18 0.7091 5843.1001 4143.34
22-Oct-18 0.7071 5904.8999 4175.35
19-Oct-18 0.7115 5939.5 4225.95
18-Oct-18 0.71 5942.3999 4219.10
17-Oct-18 0.7108 5939.1001 4221.51
16-Oct-18 0.714 5869.8999 4191.11
15-Oct-18 0.7135 5837.1001 4164.77
12-Oct-18 0.7108 5895.7002 4190.66
11-Oct-18 0.7124 5883.7998 4191.62
10-Oct-18 0.706 6049.7998 4271.16
9-Oct-18 0.7114 6041.1001 4297.64
8-Oct-18 0.7072 6100.2998 4314.13
5-Oct-18 0.7047 6185.5 4358.92
4-Oct-18 0.7083 6176.2998 4374.67
3-Oct-18 0.7094 6146.1001 4360.04
2-Oct-18 0.7187 6126.2002 4402.90
1-Oct-18 0.7221 6172.2998 4457.02
28-Sep-18 0.7221 6207.6001 4482.51
27-Sep-18 0.7205 6181.2002 4453.55
26-Sep-18 0.7257 6192.2998 4493.75
25-Sep-18 0.7251 6185.8999 4485.40
24-Sep-18 0.7249 6186.8999 4484.88
21-Sep-18 0.7285 6194.6001 4512.77
20-Sep-18 0.7287 6169.5 4495.71
19-Sep-18 0.7258 6190 4492.70
18-Sep-18 0.7226 6161.5 4452.30
17-Sep-18 0.7144 6185 4418.56
14-Sep-18 0.715 6165.2998 4408.19
13-Sep-18 0.7186 6128.7002 4404.08
12-Sep-18 0.7174 6175.8999 4430.59
11-Sep-18 0.7116 6179.7002 4397.47
10-Sep-18 0.7108 6141.7002 4365.52
7-Sep-18 0.7103 6143.7998 4363.94
 6-Sep-18 0.719 6160.3999 4429.33
5-Sep-18 0.7198 6230.3999 4484.64
4-Sep-18 0.7185 6293.1001 4521.59
3-Sep-18 0.7207 6310.8999 4548.27
31-Aug-18 0.7186 6319.5 4541.19
30-Aug-18 0.7262 6351.7998 4612.68
29-Aug-18 0.7312 6352.2002 4644.73
28-Aug-18 0.7345 6304.7002 4630.80
27-Aug-18 0.7343 6268.8999 4603.25
24-Aug-18 0.7319 6247.2998 4572.40
23-Aug-18 0.7242 6244.3999 4522.19
22-Aug-18 0.7331 6266 4593.60
21-Aug-18 0.7359 6284.3999 4624.69
20-Aug-18 0.7333 6345 4652.79
17-Aug-18 0.7311 6339.2002 4634.59
16-Aug-18 0.7261 6328.2998 4594.98
15-Aug-18 0.7231 6329 4576.50
14-Aug-18 0.7235 6299.6001 4557.76
13-Aug-18 0.7265 6252.2002 4542.22
10-Aug-18 0.7296 6278.3999 4580.72
9-Aug-18 0.7371 6297.7002 4642.03
8-Aug-18 0.7427 6268.5 4655.61
7-Aug-18 0.7424 6253.8999 4642.90
6-Aug-18 0.7386 6273 4633.24
3-Aug-18 0.7395 6234.7998 4610.63
2-Aug-18 0.7358 6240.8999 4592.05
1-Aug-18 0.7405 6275.7002 4647.16
31-Jul-18 0.742 6280.2002 4659.91
30-Jul-18 0.7407 6278.3999 4650.41
27-Jul-18 0.7394 6300.2002 4658.37
26-Jul-18 0.7381 6244.5 4609.07
25-Jul-18 0.7461 6247.6001 4661.33
24-Jul-18 0.7428 6265.7998 4654.24
23-Jul-18 0.7379 6227.6001 4595.35
20-Jul-18 0.7412 6285.8999 4659.11
19-Jul-18 0.7363 6262.7002 4611.23
18-Jul-18 0.7399 6245.1001 4620.75
17-Jul-18 0.7376 6203.6001 4575.78
16-Jul-18 0.7413 6241.5 4626.82
13-Jul-18 0.742 6268.3999 4651.15
12-Jul-18 0.7407 6268.2998 4642.93
11-Jul-18 0.7365 6215.6001 4577.79
10-Jul-18 0.7413 6258.1001 4639.13
9-Jul-18 0.7471 6286 4696.27
6-Jul-18 0.7424 6272.2998 4656.56
 5-Jul-18 0.7389 6215.5 4592.63
4-Jul-18 0.7382 6183.3999 4564.59
3-Jul-18 0.7378 6210.2002 4581.89
2-Jul-18 0.7338 6177.7998 4533.27
29-Jun-18 0.7401 6194.6001 4584.62
28-Jun-18 0.7351 6215.3999 4568.94
27-Jun-18 0.7342 6195.8999 4549.03
26-Jun-18 0.7391 6197.6001 4580.65
25-Jun-18 0.741 6210.3999 4601.91
22-Jun-18 0.7439 6225.2002 4630.93
21-Jun-18 0.7381 6232.1001 4599.91
20-Jun-18 0.7375 6172.6001 4552.29
19-Jun-18 0.7389 6102.1001 4508.84
18-Jun-18 0.7402 6104.1001 4518.25
15-Jun-18 0.7438 6094 4532.72
14-Jun-18 0.7465 6016.6001 4491.39
13-Jun-18 0.7567 6023.5 4557.98
12-Jun-18 0.7574 6054.3999 4585.60
8-Jun-18 0.7597 6045.2002 4592.54
7-Jun-18 0.7622 6057.2998 4616.87
6-Jun-18 0.7662 6025.1001 4616.43
5-Jun-18 0.7629 5994.8999 4573.51
4-Jun-18 0.7652 6025.5 4610.71
1-Jun-18 0.7566 5990.3999 4532.34
31-May-18 0.7561 6011.8999 4545.60
30-May-18 0.757 5984.7002 4530.42
29-May-18 0.7476 6013.6001 4495.77
28-May-18 0.7548 6004 4531.82
25-May-18 0.7544 6032.7998 4551.14
24-May-18 0.757 6037.1001 4570.08
23-May-18 0.7567 6032.5 4564.79
22-May-18 0.7579 6041.8999 4579.16
21-May-18 0.7583 6084.5 4613.88
18-May-18 0.7507 6087.3999 4569.81
17-May-18 0.7505 6094.2998 4573.77
16-May-18 0.7518 6107 4591.24
15-May-18 0.7474 6097.7998 4557.50
14-May-18 0.7526 6135.2998 4617.43
11-May-18 0.7536 6116.2002 4609.17
10-May-18 0.7524 6118.7002 4603.71
9-May-18 0.7458 6108 4555.35
8-May-18 0.7452 6091.8999 4539.68
7-May-18 0.752 6084.5 4575.54
4-May-18 0.7533 6062.8999 4567.18
3-May-18 0.7527 6098.2998 4590.19
 2-May-18 0.7486 6050.2002 4529.18
1-May-18 0.7479 6015.2002 4498.77
30-Apr-18 0.7533 5982.7002 4506.77
27-Apr-18 0.758 5953.6001 4512.83
26-Apr-18 0.7557 5910.7998 4466.79
24-Apr-18 0.7606 5921.6001 4503.97
23-Apr-18 0.7601 5886 4473.95
20-Apr-18 0.7668 5868.7998 4500.20
19-Apr-18 0.772 5881 4540.13
18-Apr-18 0.7794 5861.3999 4568.38
17-Apr-18 0.7766 5841.5 4536.51
16-Apr-18 0.7772 5841.2998 4539.86
13-Apr-18 0.776 5829.1001 4523.38
12-Apr-18 0.7758 5815.5 4511.66
11-Apr-18 0.7764 5828.7002 4525.40
10-Apr-18 0.7768 5857 4549.72
9-Apr-18 0.7699 5808.7002 4472.12
6-Apr-18 0.7669 5788.7002 4439.35
5-Apr-18 0.7663 5788.7998 4435.96
4-Apr-18 0.772 5761.3999 4447.80
3-Apr-18 0.7682 5751.8999 4418.61
29-Mar-18 0.7681 5759.3999 4423.80
28-Mar-18 0.7658 5789.5 4433.60
27-Mar-18 0.7688 5832.2998 4483.87
26-Mar-18 0.7755 5790.5 4490.53
23-Mar-18 0.7694 5820.7002 4478.45
22-Mar-18 0.7695 5937.2002 4568.68
21-Mar-18 0.7776 5950.2998 4626.95
20-Mar-18 0.7689 5936.3999 4564.50
19-Mar-18 0.7707 5959.3999 4592.91
16-Mar-18 0.771 5949.3999 4586.99
15-Mar-18 0.7788 5920.7998 4611.12
14-Mar-18 0.7883 5935.2998 4678.80
13-Mar-18 0.7857 5974.7002 4694.32
12-Mar-18 0.787 5996.1001 4718.93
9-Mar-18 0.7843 5963.2002 4676.94
8-Mar-18 0.7791 5942.8999 4630.11
7-Mar-18 0.7827 5902 4619.50
6-Mar-18 0.778 5962.3999 4638.75
5-Mar-18 0.7767 5959.5 4628.74
2-Mar-18 0.7758 5928.8999 4599.64
1-Mar-18 0.7754 5973.2998 4631.70
28-Feb-18 0.7762 6016 4669.62
27-Feb-18 0.7799 6056.8999 4723.78
26-Feb-18 0.7849 6042.2002 4742.52
23-Feb-18 0.7839 5999.7998 4703.24
22-Feb-18 0.7838 5950.8999 4664.32
21-Feb-18 0.7801 5943.7002 4636.68
20-Feb-18 0.788 5940.8999 4681.43
19-Feb-18 0.7909 5941.6001 4699.21
16-Feb-18 0.7901 5904 4664.75
15-Feb-18 0.7944 5909 4694.11
14-Feb-18 0.7931 5841.2002 4632.66
13-Feb-18 0.7861 5855.8999 4603.32
12-Feb-18 0.7858 5820.7002 4573.91
9-Feb-18 0.7811 5838 4560.06
8-Feb-18 0.7792 5890.7002 4590.03
7-Feb-18 0.7815 5876.7998 4592.72
6-Feb-18 0.7891 5833.2998 4603.06
5-Feb-18 0.7878 6026.2002 4747.44
2-Feb-18 0.7919 6121.3999 4847.54
1-Feb-18 0.8042 6090.1001 4897.66
31-Jan-18 0.8061 6037.7002 4866.99
30-Jan-18 0.8105 6022.7998 4881.48
29-Jan-18 0.8097 6075.3999 4919.25
25-Jan-18 0.8031 6050 4858.76
24-Jan-18 0.8049 6054.7002 4873.43
23-Jan-18 0.8004 6037 4832.01
22-Jan-18 0.8007 5991.8999 4797.71
19-Jan-18 0.7987 6005.7998 4796.83
18-Jan-18 0.8007 6014.6001 4815.89
17-Jan-18 0.7973 6015.7998 4796.40
16-Jan-18 0.7974 6048.6001 4823.15
15-Jan-18 0.7959 6077.1001 4836.76
12-Jan-18 0.7913 6070.1001 4803.27
11-Jan-18 0.7885 6067.6001 4784.30
10-Jan-18 0.7847 6096.7002 4784.08
9-Jan-18 0.781 6135.7998 4792.06
8-Jan-18 0.7845 6130.3999 4809.30
5-Jan-18 0.7861 6122.2998 4812.74
4-Jan-18 0.7864 6077.1001 4779.03
3-Jan-18 0.7824 6070.3999 4749.48
2-Jan-18 0.7833 6061.2998 4747.82
29-Dec-17 0.7795 6065.1001 4727.75
28-Dec-17 0.7794 6088.1001 4745.07
27-Dec-17 0.7775 6069.8999 4719.35
22-Dec-17 0.7702 6069.7002 4674.88
21-Dec-17 0.7707 6060.3999 4670.75
20-Dec-17 0.7672 6075.6001 4661.20
19-Dec-17 0.7652 6071.7998 4646.14
18-Dec-17 0.7664 6038.8999 4628.21
15-Dec-17 0.7636 5997 4579.31
14-Dec-17 0.7665 6011.2998 4607.66
13-Dec-17 0.7628 6021.7998 4593.43
12-Dec-17 0.7558 6013.2002 4544.78
11-Dec-17 0.7531 5998.2998 4517.32
8-Dec-17 0.7506 5994.3999 4499.40
7-Dec-17 0.7511 5977.7002 4489.85
6-Dec-17 0.7569 5946.1001 4500.60
5-Dec-17 0.7603 5971.7002 4540.28
4-Dec-17 0.7596 5985.6001 4546.66
1-Dec-17 0.761 5989.7998 4558.24
30-Nov-17 0.7564 5969.8999 4515.63
29-Nov-17 0.7566 6011.1001 4548.00
28-Nov-17 0.7606 5984.2998 4551.66
27-Nov-17 0.7608 5988.7998 4556.28
24-Nov-17 0.7615 5982.6001 4555.75
23-Nov-17 0.7625 5960.6001 4544.96
22-Nov-17 0.7613 5986.3999 4557.45
21-Nov-17 0.7585 5963.5 4523.31
20-Nov-17 0.7554 5945.7002 4491.38
17-Nov-17 0.756 5957.2998 4503.72
16-Nov-17 0.7585 5943.5 4508.14
15-Nov-17 0.7592 5934.2002 4505.24
14-Nov-17 0.763 5966 4552.06
13-Nov-17 0.7615 6021.7998 4585.60
10-Nov-17 0.7657 6029.3999 4616.71
9-Nov-17 0.7682 6049.3999 4647.15
8-Nov-17 0.7679 6016.2998 4619.92
7-Nov-17 0.7654 6014.2998 4603.35
6-Nov-17 0.7685 5953.7998 4575.50
3-Nov-17 0.7649 5959.8999 4558.73
2-Nov-17 0.7713 5931.7002 4575.12
1-Nov-17 0.7674 5937.7998 4556.67
31-Oct-17 0.7656 5909 4523.93
30-Oct-17 0.7699 5919.1001 4557.12
27-Oct-17 0.7675 5903.2002 4530.71
26-Oct-17 0.7656 5916.2998 4529.52
25-Oct-17 0.7708 5905.6001 4552.04
24-Oct-17 0.7775 5897.6001 4585.38
23-Oct-17 0.7811 5894 4603.80
20-Oct-17 0.7805 5907 4610.41
19-Oct-17 0.7878 5896.1001 4644.95
18-Oct-17 0.7841 5890.5 4618.74
17-Oct-17 0.7851 5889.6001 4623.93
16-Oct-17 0.7843 5846.7998 4585.65
13-Oct-17 0.7879 5814.2002 4581.01
12-Oct-17 0.7828 5794.5 4535.93
11-Oct-17 0.7805 5772.1001 4505.12
10-Oct-17 0.7788 5738.1001 4468.83
9-Oct-17 0.7758 5739.2998 4452.55
6-Oct-17 0.7763 5710.7002 4433.22
5-Oct-17 0.779 5651.7998 4402.75
4-Oct-17 0.7859 5652.1001 4441.99
3-Oct-17 0.7835 5701.3999 4467.05
2-Oct-17 0.7825 5729.2998 4483.18
29-Sep-17 0.7832 5681.6001 4449.83
28-Sep-17 0.7844 5670.3999 4447.86
27-Sep-17 0.785 5664.2998 4446.48
26-Sep-17 0.7875 5671 4465.91
25-Sep-17 0.794 5683.7002 4512.86
22-Sep-17 0.7956 5682.1001 4520.68
21-Sep-17 0.7929 5655.3999 4484.17
20-Sep-17 0.8016 5709.1001 4576.41
19-Sep-17 0.8003 5713.6001 4572.59
18-Sep-17 0.7971 5720.6001 4559.89
15-Sep-17 0.7999 5695 4555.43
14-Sep-17 0.8001 5738.7002 4591.53
13-Sep-17 0.7983 5744.2998 4585.67
12-Sep-17 0.8018 5746.3999 4607.46
11-Sep-17 0.8021 5713.1001 4582.48
8-Sep-17 0.8054 5672.6001 4568.71
7-Sep-17 0.8058 5689.8999 4584.92
6-Sep-17 0.8011 5689.7002 4558.02
5-Sep-17 0.8009 5706.2002 4570.10
1-Sep-17 0.7967 5724.6001 4560.79
31-Aug-17 0.7938 5714.5 4536.17
30-Aug-17 0.7912 5669.7002 4485.87
29-Aug-17 0.7958 5669 4511.39
28-Aug-17 0.7922 5709.8999 4523.38
25-Aug-17 0.7925 5743.8999 4552.04
24-Aug-17 0.7899 5745.5 4538.37
23-Aug-17 0.7911 5737.2002 4538.70
22-Aug-17 0.7914 5750.1001 4550.63
21-Aug-17 0.7937 5725.8999 4544.65
18-Aug-17 0.7925 5747.1001 4554.58
17-Aug-17 0.787 5779.2002 4548.23
16-Aug-17 0.7931 5785.1001 4588.16
15-Aug-17 0.7826 5757.5 4505.82
14-Aug-17 0.7853 5730.3999 4500.08
11-Aug-17 0.7888 5693.1001 4490.72
10-Aug-17 0.7864 5760.8999 4530.37
9-Aug-17 0.7892 5765.7002 4550.29
8-Aug-17 0.7894 5743.7998 4534.16
7-Aug-17 0.7916 5773.6001 4570.38
4-Aug-17 0.7917 5720.6001 4529.00
3-Aug-17 0.7959 5735.1001 4564.57
2-Aug-17 0.7955 5744.2002 4569.51
1-Aug-17 0.7961 5772.3999 4595.41
31-Jul-17 0.8004 5720.6001 4578.77
28-Jul-17 0.7983 5702.7998 4552.55
27-Jul-17 0.7975 5785 4613.54
26-Jul-17 0.8 5776.6001 4621.28
25-Jul-17 0.793 5726.6001 4541.19
24-Jul-17 0.7927 5688.1001 4508.96
21-Jul-17 0.7912 5722.7998 4527.88
20-Jul-17 0.7946 5761.5 4578.09
19-Jul-17 0.7961 5732.1001 4563.32
18-Jul-17 0.7923 5687.3999 4506.13
17-Jul-17 0.7788 5755.5 4482.38
14-Jul-17 0.7827 5765.1001 4512.34
13-Jul-17 0.7743 5736.7998 4442.00
12-Jul-17 0.7676 5673.7998 4355.21
11-Jul-17 0.7639 5728.8999 4376.31
10-Jul-17 0.7606 5724.3999 4353.98
7-Jul-17 0.7598 5703.6001 4333.60
6-Jul-17 0.7579 5758.7998 4364.59
5-Jul-17 0.7599 5763.2998 4379.53
4-Jul-17 0.7613 5783.7998 4403.21
3-Jul-17 0.7666 5684.5 4357.74
30-Jun-17 0.7686 5721.5 4397.54
29-Jun-17 0.7688 5818.1001 4472.96
28-Jun-17 0.7635 5755.7002 4394.48
27-Jun-17 0.7587 5714.2002 4335.36
26-Jun-17 0.7585 5720.2002 4338.77
23-Jun-17 0.7565 5715.8999 4324.08
22-Jun-17 0.7541 5706 4302.89
21-Jun-17 0.7548 5665.7002 4276.47
20-Jun-17 0.7574 5757.2998 4360.58
19-Jun-17 0.759 5805.2002 4406.15
16-Jun-17 0.7614 5774 4396.32
15-Jun-17 0.7587 5763.2002 4372.54
14-Jun-17 0.7587 5833.8999 4426.18
13-Jun-17 0.7535 5772.7998 4349.80
9-Jun-17 0.7519 5677.7998 4269.14
 8-Jun-17 0.7528 5676.6001 4273.34
7-Jun-17 0.7539 5667.2002 4272.50
6-Jun-17 0.7513 5667.5 4257.99
5-Jun-17 0.7487 5754.8999 4308.69
2-Jun-17 0.744 5788.1001 4306.35
1-Jun-17 0.7381 5738.1001 4235.29
31-May-17 0.7426 5724.6001 4251.09
30-May-17 0.7458 5717.8999 4264.41
29-May-17 0.7438 5707.1001 4244.94
26-May-17 0.7445 5751.7002 4282.14
25-May-17 0.7456 5789.6001 4316.73
24-May-17 0.7496 5769 4324.44
23-May-17 0.747 5760.2002 4302.87
22-May-17 0.7474 5771.2002 4313.40
19-May-17 0.7456 5727.3999 4270.35
18-May-17 0.7421 5738.2998 4258.39
17-May-17 0.7438 5786 4303.63
16-May-17 0.742 5850.5 4341.07
15-May-17 0.7421 5838.3999 4332.68
12-May-17 0.7385 5836.8999 4310.55
11-May-17 0.7378 5878.2998 4337.01
10-May-17 0.7359 5875.3999 4323.71
9-May-17 0.7344 5839.8999 4288.82
8-May-17 0.739 5870.8999 4338.60
5-May-17 0.7418 5836.6001 4329.59
4-May-17 0.7412 5876.3999 4355.59
3-May-17 0.7429 5892.2998 4377.39
2-May-17 0.7544 5950.3999 4488.98
1-May-17 0.7532 5956.3999 4486.36
28-Apr-17 0.7486 5924.1001 4434.78
27-Apr-17 0.7467 5921.5 4421.58
26-Apr-17 0.748 5912 4422.18
24-Apr-17 0.7557 5871.7998 4437.32
21-Apr-17 0.7539 5854.1001 4413.41
20-Apr-17 0.752 5821.3999 4377.69
19-Apr-17 0.7496 5804 4350.68
18-Apr-17 0.756 5836.7002 4412.55
13-Apr-17 0.7563 5889.8999 4454.53
12-Apr-17 0.7543 5934 4476.02
11-Apr-17 0.7503 5929.2998 4448.75
10-Apr-17 0.7507 5912.8999 4438.81
7-Apr-17 0.7497 5862.5 4395.12
6-Apr-17 0.7539 5856.2998 4415.06
5-Apr-17 0.7565 5876.2002 4445.35
4-Apr-17 0.757 5856.6001 4433.45
 3-Apr-17 0.7605 5872.7002 4466.19
31-Mar-17 0.7628 5864.8999 4473.75
30-Mar-17 0.7654 5896.2002 4512.95
29-Mar-17 0.7668 5873.5 4503.80
28-Mar-17 0.7657 5821.2002 4457.29
27-Mar-17 0.763 5746.7002 4384.73
24-Mar-17 0.7623 5753.5 4385.89
23-Mar-17 0.7634 5708 4357.49
22-Mar-17 0.7668 5684.5 4358.87
21-Mar-17 0.7672 5774.6001 4430.27
20-Mar-17 0.7728 5778.8999 4465.93
17-Mar-17 0.7702 5799.6001 4466.85
16-Mar-17 0.7669 5785.7998 4437.13
15-Mar-17 0.7699 5774 4445.40
14-Mar-17 0.7566 5759.1001 4357.34
13-Mar-17 0.7565 5757.2998 4355.40
10-Mar-17 0.7541 5775.6001 4355.38
9-Mar-17 0.7507 5741.2002 4309.92
8-Mar-17 0.7529 5759.7002 4336.48
7-Mar-17 0.7594 5761.3999 4375.21
6-Mar-17 0.759 5746.5 4361.59
3-Mar-17 0.7595 5729.6001 4351.63
2-Mar-17 0.7571 5776.6001 4373.46
1-Mar-17 0.7655 5704.7998 4367.02
28-Feb-17 0.7637 5712.2002 4362.41
27-Feb-17 0.7672 5724.2002 4391.61
24-Feb-17 0.7669 5739 4401.24
23-Feb-17 0.7715 5784.7002 4462.90
22-Feb-17 0.7693 5805.1001 4465.86
21-Feb-17 0.7676 5791 4445.17
20-Feb-17 0.7683 5795.1001 4452.38
17-Feb-17 0.766 5805.7998 4447.24
16-Feb-17 0.7698 5816.2998 4477.39
15-Feb-17 0.7721 5809.1001 4485.21
14-Feb-17 0.7669 5755.2002 4413.66
13-Feb-17 0.7644 5760.7002 4403.48
10-Feb-17 0.7671 5720.6001 4388.27
9-Feb-17 0.7625 5664.6001 4319.26
8-Feb-17 0.7644 5651.3999 4319.93
7-Feb-17 0.7619 5621.8999 4283.33
6-Feb-17 0.7644 5615.6001 4292.56
3-Feb-17 0.7679 5621.6001 4316.83
2-Feb-17 0.7654 5645.3999 4320.99
1-Feb-17 0.7583 5653.2002 4286.82
31-Jan-17 0.7577 5620.8999 4258.96
30-Jan-17 0.7565 5661.5 4282.92
27-Jan-17 0.7545 5714 4311.21
25-Jan-17 0.7574 5671.5 4295.59
24-Jan-17 0.7592 5650.1001 4289.56
23-Jan-17 0.7581 5611 4253.70
20-Jan-17 0.7554 5654.7998 4271.64
19-Jan-17 0.7566 5692.2002 4306.72
18-Jan-17 0.7511 5678.7998 4265.35
17-Jan-17 0.7549 5699.3999 4302.48
16-Jan-17 0.7471 5748.3999 4294.63
13-Jan-17 0.7498 5721.1001 4289.68
12-Jan-17 0.7489 5766.8999 4318.83
11-Jan-17 0.7454 5771.5 4302.08
10-Jan-17 0.7361 5760.7002 4240.45
9-Jan-17 0.7354 5807.3999 4270.76
6-Jan-17 0.729 5755.6001 4195.83
5-Jan-17 0.7352 5753.2998 4229.83
4-Jan-17 0.7288 5736.3999 4180.69
3-Jan-17 0.7229 5733.2002 4144.53
 ASX200(USD) 2017-2020
1.20

1.15

1.10

1.05

1.00

0.95

0.90

0.85

0.80

0.75

0.70

0.65

0.60

0.55

0.50

0.45

0.40
3-Apr-17 3-Jul-17 3-Oct-17 3-Jan-18 3-Apr-18 3-Jul-18 3-Oct-18 3-Jan-19 3-Apr-19 3-Jul-19 3-Oct-19 3-Jan-20

stockquote/FOREX/AUDUSD.htm
com/q/hp?s=%5EAXJO&a=10&b=23&c=1992&d=03&e=2&f=2015&g=d

due to lower earnings - In Australias case driven by Commodity Exports - Deflationary pressures require policy intervention i.e. IR Diff close
ue to higher earnings - In Australias case driven by Commodity Exports - Inflationary conditions preferred however if out of control deflati
ormaility, Sell during Inflationary extremes.

bout peoples pensions. The wealth effect from pension deflation can be devastating as evidenced by Japan in the 90's and naughties.
flation can cause a spending effect as consumers feel wealthier causing domestic Price inflation in goods and services i.e. hubris.

ationary for Australia because it means Australian pensions are becoming worth less relative to the rest of the world. Here we must look to
ationary for Australia because it means Australian pensions are becoming worth more relative to the rest of the world. Here we must look
rom its highs we must be prepared to reduce our conviction score because it means authorities are more than likely to use extreme meas
above previous highs we must be prepared to reduce our conviction score because it means authorities are more than likely to use extrem

ASXUSD
6208.48
4686.18 24.52%

Perf' Score
25 2
20 3
18 5
16 7
14 9
12 10 Buy AUD/USD
10 9
8 7
6 5
4 3
2 2
0 0
-2 -2
-4 -3
-6 -5
-8 -7
-10 -9
-12 -10 Sell AUD/USD
-14 -9
-16 -7
-18 -5
-20 -3
-25 -2
 ASX200(USD) 2017-2020
5100.00 1.20

1.15
4900.00
1.10
4700.00
1.05
4500.00
1.00

4300.00 0.95

4100.00 0.90

0.85
3900.00
0.80
3700.00
0.75
3500.00 0.70

3300.00 0.65

0.60
3100.00
0.55
2900.00
0.50
2700.00
0.45

2500.00 0.40
3-Jan-17 3-Apr-17 3-Jul-17 3-Oct-17 3-Jan-18 3-Apr-18 3-Jul-18 3-Oct-18 3-Jan-19 3-Apr-19 3-Jul-19 3-Oct-19 3-Jan-20

y intervention i.e. IR Diff closed = Sell AUD/USD

owever if out of control deflationary measures required

n the 90's and naughties.

services i.e. hubris.

he world. Here we must look to sell AUD and buy USD to protect against deflation in Aus assets.
the world. Here we must look to buy AUD and sell USD to protect against inflation is Aus assets.
an likely to use extreme measures to prevent extreme deflation and cause inflation.
more than likely to use extreme measures to prevent hyperinflation and cause slowdown / deflation.
 1.20

1.15

1.10

1.05

1.00

0.95

0.90

0.85

0.80

0.75

0.70

0.65

0.60

0.55

0.50

0.45

0.40
3-Jul-19 3-Oct-19 3-Jan-20