CANBERRA: Australian dollar has continued its decline against the U.S. dollar overnight after the greenback strengthened following the release of U.S. fourth-quarter GDP data which came in ahead of expectations.
According to the Wall Street Journal, U.S. GDP rose at a 2.9% annual rate in the fourth-quarter, compared to expectations of 2.7% growth.
This has left the Australian dollar trading at 76.6 U.S. cents, its lowest level in 2018.
I believe this is the start of even greater declines for the Australian dollar over the next 12 to 24 months as rising U.S. rates cause the U.S. dollar to strengthen at long last.
