Druckenmiller criticizes Fed easing, says to short Australian dollar

Wed May 8, 2013 2:55pm EDT
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NEW YORK May 8 (Reuters) - Stanley Druckenmiller, founder of former hedge fund Duquesne Capital, criticized the U.S. Federal Reserve's monetary policy on Wednesday and recommended betting against the Australian dollar.

Speaking at the Sohn Investment Conference in New York, Druckenmiller said that the Fed's monthly bond purchases of $85 billion amount to the "most inappropriate" monetary policy in the history of the developed world.

He also said to avoid all commodity currencies, including those of Brazil, South Africa, and Canada, and said the value of the Australian dollar could "come down hard."