Thursday, 16 May 2013

Dollar bust?

The Australian dollar has been hit by a fresh wave of selling, plunging to another 11-month low as investors continue to pile into its US counterpart. 
The currency fell as low as 97.98 US cents in offshore trade, a level not seen since early June 2012, and down from 99.12 US cents about midday on Thursday. In early trade on Friday, it had recovered to 98.22 US cents.... 
The Aussie dollar has dropped 5 per cent this month. It started tumbling amid more signs of a slowdown in China and after last week's interest rate cut by the Reserve Bank. (here)

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