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24 May – AUSSIE CONTINUES TO SLIDE
The Australian dollar is weaker versus the US dollar again today, as dealers are worried the country is slowing down.
The Australian dollar dipped below parity against the US dollar two weeks ago and it has been in a downward trend since. Yesterday China posted its first contraction in manufacturing in seven months, which put major pressure on the Australian currency due to the fact that the growth of its own economy is largely dependent on that of China. Nearly three-quarters of Australian exports are raw materials like copper, and China is its biggest customer.
The Australian dollar is trading at $0.9682, down 0.7% on the day. The currency was below the $0.96 level yesterday; a one-year low. If there are any further concerns about the strength of either the Australian or Chinese economy, we might see the Australian dollar lose more ground to the US dollar.
Goldman Sachs has cut their forecast for the Australian dollar versus the US dollar from $0.95 to $0.9 for the next 12 months. When a well-respected investment bank issues commentary on what they believe is going to happen, it can often have an impact on that particular market.
David Madden, London
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