Wall Street saw its biggest one day swing in six months and the Australian dollar dropped overnight as investors raised concerns that the US Federal Reserve will scale back its stimulus program shortly.

... savaged budget revenues," Mr Swan said. The RBA governor on a number of occasions has said the high Australian dollar was a factor in why the central bank had made a series of interest rate cuts, sending the cash rate to a record low of 2.75 per cent.

The Myer boss said a lower Australian dollar would deter consumers from buying on foreign websites and travelling overseas, while also attracting more tourists to our shores.

At 1700 AEST on Wednesday, the currency was trading at 97.82 US cents, down from 98.17 cents on Tuesday. The Australian dollar fell following the release of the Westpac/Melbourne Institute May consumer sentiment survey, which showed pessimists ...

INVESTMENT banks have continued to go cold on the Australian dollar, with Credit Suisse's global strategists telling clients the Aussie could fall to 85 US cents in 12 months because "this time it's structural".

Australia's dollar has received its fair share of whacking lately and perhaps it's time to give the currency a bit of a break, currency strategists say.

Economists aren't convinced current weakness in the Australian dollar will continue, according to a survey of 15 banks by The Wall Street Journal on Monday.

The Australian dollar is slightly lower, as traders speculate over the likelihood the United States central bank will wind down its economic stimulus program.

Strong bull markets in stocks have historically coincided with Australian Dollar strength, and indeed the 2009 lows in the S&P occurred almost exactly as the AUDUSD established a lasting bottom.

Predictions of a further drop in the Australian dollar have been welcomed by Hunter exporters who have struggled to remain competitive in global markets.