AUD/USD has been the star performer today. Once again all the overpaid analysts underestimated the strength of the domestic job market with unemployment falling to a cycle low of 5.2%. What would the US (10%) or for that matter Spain (20%) give for that unemployment rate. Yet despite the strong economy, the Prime Minister is under the hammer due to a proposed resource rental tax on the mining sector. One suspects that when push comes to shove, Kevin Rudd’s job is safe while the economy keeps producing those sorts of numbers.
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