The Australian dollar has fallen below US65 cents as currency markets react to surprising new figures showing an increase to the national jobless rate.
It dropped almost an entire percentage point on Thursday to USD 63.64 cents, marking a nine-month low for Australia’s national currency.
“I am surprised that it has taken so long for the Aussie to drop below the US65.5¢ to US65¢ level,” Rob Rennie, head of commodity and carbon research at Westpac, told the Australian Financial Review.The strength of Australia’s currency is highly reliant on the Chinese market given the huge export trade from Australia to the Asian nation. Picture: Getty Images
In recent months, China has been besieged by shaky economic conditions, with top property developer Country Garden Holdings recently suspending trading of its 11 onshore bonds.
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