CANBERRA: The Australian dollar has briefly dipped below US72c, weighed down by weaker commodity prices and disappointing Chinese imports data.
At 12pm (AEDT) on Wednesday, the currency was trading at US72.20c, down from US73.11c on Tuesday. During the morning it fell as low as US71.99c, its lowest level since late last week.
OANDA Australia and Asia Pacific senior trader Stephen Innes said a downturn in market confidence has spelt the end of the Australian dollar’s rally, which lasted almost two weeks.
“In typical fashion, the Aussie takes the stairs on the way up but the express elevator on the way down,” he said. Mr Innes said it is unlikely the Australian dollar will significantly fall below US72c in the short term but warned that could change if oil prices plunge.
