AUSTRALIA - Superannuation funds should beware the Australian dollar as the US currency begins to strengthen in 2008, according to a Russell Investment Group outlook.
Andrew Pease, investment strategist, Russell, said: "Broadly, every 1% decline in the trade-weighted US dollar has equated to a 2.5% increase in the Australian dollar versus the US dollar."
Pease also warned investors local equity markets could suffer from 'headwinds' during the next global upswing, which would continue to contrast with the latest period of good performance.
In his view, commodities could help Australian super investors, provided fears of a US slowdown did not overtake the market.
Pease concluded the outlook was more positive for the end of 2008 into 2009 and despite short term uncertainty, global equity markets now offered significant longer term value.
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