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Message| (25)    "We think the Australian dollar will come down
and will come down hard. It's expensive"  Stanley Druckenmiller
(George Soros's ex-chief strategist)  For those of you who acted
upon my recent Seeking Alpha article suggesting it was time to
sell the Australian Dollar you will have had a profitable month.
Since writing at the end of April the Australian Dollar (FXA)
has fallen sharply from 1.05 to 97 cent - a drop of over 7%.
The important point to realize is that the Australian dollar's
decline has only begun. It has far further to fall. The
fundamental reasons why it will continue to decline sharply are
still in place.  These include:-    • The boom in commodities
has crowded out the rest of the economy. The Reserve Bank of
Australia (RBA) realizes a much cheaper currency is needed to
stimulate growth and exports in indigenous manufacturing and
services. These areas have become uncompetitive as the cost of
living has increased a