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Australian dollar crashes to .63 cents
Austin News.Net
Friday 10th October, 2008
The freefall in the Australian dollar continued Friday.
The currency hit a low below .6350 in late trading in New York as fears accelerated of a global recession.
Australia's economy is largely dependent on commodities, demand for which have been drying up in recent weeks.
Another commodity currency, the Canadian dollar was also under pressure. In late New York trading Friday the Canadian dollar fell belo 1.2000 to the dollar.
For the Australian unit the fall has been the most dramatic on currency markets. The dollar has fallen from a high of .9849 reached just over two months ago on July 16. This means the currency has fallen 35 cents or 36%.
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Comments on this story
Spinxx
10-10-08, 09:40 PM |
Australian dollar crashes to .63 cents
Why are they manipulating this? This should not be happening. What’s the vested interest by the “big boys” to crash the AUD? THERE IS NO REAL REASON. We enjoyed 10 years of awesome stability under Howard. You idiots who voted Labour have to realize you got sucked in.
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bandit
10-11-08, 02:00 AM |
USD-lesser of two evils
The USD was weak as a reflection of all the sour effects of the subprime fracas and general state of the US economy. However, ironicly as things got worse, major institutions and other countries national banks BOUGHT USD as a safe harbour and put them into US govt bonds - go figure! The whole country is bankrupt. It (the good ol' USA) only lives on its wits - so it will be intersting to see what the yanks come up with this time to get the economy going.
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cwhast
10-11-08, 01:54 AM |
@Spinxx
Might I remind you that it’s an external factor that has caused the Australian dollar to drop in value and has nothing to do with Labor winning office last November. Things were turning bad toward the end of Howard’s rein anyway. The value of the US dollar is being propped up by the financial bailouts, the sliding price of crude oil and the skyrocketing value of gold. Considering the value of most Western countries' currencies have dropped in comparison to the US dollar, it’s as if the greenback is being artificially inflated even more than it already is.
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gradyinthai
10-11-08, 03:28 AM |
australia is one of the few countrys where the banks have been well regulated and therfore no need for the government to give taxpayers money prop them up
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@Spinxx
10-12-08, 04:54 AM |
@Spinxx
Howard took the dollar down to .47cents so I guess you’re the idiot.
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Anonymous
10-12-08, 05:36 AM |
gradyinthai;108431:
australia is one of the few countrys where the banks have been well regulated and therfore no need for the government to give taxpayers money prop them up
well thats what the americans and english were told too.
the fundamentals are sound!
With the A$ falling like this the american banks with a bright shiny new dollar supply from the fed in exhange for dud bonds will turn into a plundering herd snapping up cheap shares and assets at bargain basement prices.
After all we have a free trade treaty thanks to the great foresight of Mr. Howard.
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