AUD/USD second worst performer behind the Yen - BBH

Analysts at Brown Brothers Harriman explained that after the Japanese yen, the Australian dollar has fallen the most of the major currencies since the US election.

Key Quotes:

"It has lost a touch more than 5%, while the yen has depreciated by 5.7%.  In the second half of last week (three sessions), the Aussie dropped nearly 3% (2.9%).  

Softer metal prices provided a ready excuse, but the new higher interest rate environment steals some of the thunder of the traditional high yielders, like the Australian dollar.  

Like the yen, but unlike the euro and sterling, speculators in the futures market were leaning the wrong way.  They had net long Australian dollar futures positions."