Even with the Aussie’s dismal performance this year, RBA views the currency as overvalued and a threat to the country’s efforts to get other sectors to contribute more to economic growth as the mining boom wanes.
Traders looking for more upside in the event of an Aussie dollar rally should consider the ProShares Ultra Australian Dollar (NYSEArca: GDAY), which attempts to deliver daily returns “that correspond to two times the daily performance of the U.S. Dollar price of the Australian Dollar,” according to ProShares.
ProShares Ultra Australian Dollar
ETF Trends editorial team contributed to this post.