The fall in AUD is expected to benefit Australia's energy exporters. The AUD, a 'commodity currency', has remained stubbornly high despite commodity price falls this year. The recent correction in the AUD has seen the currency conform to its long-established relationship with commodity prices. Based on a new spot of US$0.96, UBS' valuations for the following Australian-listed oil and gas stocks would increase: Woodside (+4.6%), Caltex (+3.1%), Horizon Oil (+8.3%), Oil Search (+8.6%), Santos (+9.6%), AWE (+9.7%), Drillsearch Energy (+10.0%) and Tap Oil (+10.6%). (VIEW LINK)
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