hedging taken out against us$500m?, page-3

Definitely more downside risk than upside risk with the AUD!

Interest rates cant stay near zero in the US forever especially given as you say the improving economic outlook in the US. The yield on US 10yr govt bonds has been rising steadily recently. The Fed will have to come to the part shortly.

Also this morning's poor news on loan approvals and consumer confidence have put the AUD below 1.01.

Cool, drinks on me for every 0.01 down movement in the AUD/USD rate :-)