Aussie dollar hits decade lows

Aussie dollar hits decade lows


Grains
Grain exporters could benefit from a falling Aussie dollar.

Grain exporters could benefit from a falling Aussie dollar.

Aa

The Australian dollar briefly hit lows not seen in a decade on Thursday morning , before rebounding somewhat.

Aa

AUSTRALIAN agricultural exporters could be among the beneficiaries of a sharp slump in the value of the Australian dollar, which slipped to decade lows this week.

On Thursday, the AUD slipped to US67.49 cents, the lowest value in over a decade, before recovering to US69.31c later in trade.

At the start of Thursday trading the AUD was over US70c before the sharp dip.

LOOKING BACK: Aussie dollar over US80c

International investors, spooked by the poor end to the year on financial markets, have flocked to the safe haven investment of the US dollar, which has soared in the early part of 2019, spurred on by the US Federal Reserve hiking interest rates.

In comparison, the dollar did not fall by as much in comparison to other currencies such as the UK pound or the euro.

Much of the blame for the drop was apportioned to weaker economic data out of China, where the manufacturing sector contracted for the first time in over a year and a half.

Analysts believe the US / China trade war is starting to impact the Asian giant.

Australia’s heavy reliance on China as a trade partner means bad financial news there has a big impact on Aussie markets.

The story Aussie dollar hits decade lows first appeared on Farm Online.

Aa

From the front page

Sponsored by