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.
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".