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<If you have a margin account & effectively borrow against your <existing US holdings to buy Aussie or other non-US ADR's, you will be <benefitting from any fall in the US dollar - you are effectively <shorting the US dollart. The trick of course is coping with the margin <& choosinng the shares to buy using it.

I liked this idea as it seems like a natural hedge against currency rates. The only way I have found to do it is to go through an international broker like solomon smith barney. They will set me up with an US account and then I can margin lend(paying 8% to 9% interest) up to 50% on say a stock like cisco . Any ideas on how to get a lower interest rate or to get a higher level of gearing?

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