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    Posted August 5, 2014 by
    TribecaMedia
    Location
    Sydney, Australia
    Assignment
    Assignment
    This iReport is part of an assignment:
    Ukraine unrest

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    "Ukraine Tension Escalates and Causes Drop in Australian dollar" Australian CIO Earl Reginald Stevenson

     
    August 5, 2014 - Sydney, Australia - Australian Alcoveritas CIO Earl Reginald Stevenson told a group of investors here in Sydney today that the Australian dollar is losing ground following reports that Russia is increasing the number of troops on the Ukraine border.

    Polish Foreign Minister Radoslaw Sikorski told reporters overnight that Russia had increased its military presence on the Ukraine border, suggesting a possible escalation in the conflict. RBC senior currency strategist Elsa Lignos said the news sparked a move into haven assets and out of equities and riskier currencies. "Risk appetite has come under pressure again, not helped by headlines paraphrasing Poland's Foreign Minister Sikorski," he said.

    "The Bloomberg headline made it sound far more imminent, saying Russia is poised to invade Ukraine, and that would be a huge escalation of the crisis."

    On Tuesday, the Australian dollar rose to a one-week high of 93.44 US cents after the Reserve Bank of Australia statement indicated that the cash rate would remain on hold for some time.

    At its monthly board meeting, the RBA kept the cash rate at a record low of 2.5 per cent.

    Local investors are now waiting for the release of Australian employment data for July, due out on Thursday.

    The number of people with jobs is expected to rise by 12,000 in July and the unemployment rate is forecast to stay steady at six per cent, an AAP survey of 15 economists found.

    Source: Australian Business News, Sydney NSW 2010, Australia Contact: Charlie Maddox at Fox Media Inc Australian Division fox.media.inc@gmail.com

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