Platinum: We still see no need to own the Australian dollar

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Platinum: We still see no need to own the Australian dollar. Platinum Asset Management continued to express concern about investor over-exposure to Australian equities and says weak commodity markets will continue to place pressure on the local currency. In their latest fund report Platinum notes that in the US hawkish guidance, driven by the improving economy initially pressured bond prices (i.e. higher yields) and increased demand for US dollars which rallied sharply. The rally has been good for USD exposures, however, the manager notes the currency appreciation is not so good for US exporters and could further delay interest rate rises in the US. Platinum says they continue to fine opportunities in developing markets such as China, India and Korea as they rotate funds out of the US where the recovery cycle is now looking quite mature. Fund report here: (VIEW LINK)

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