SYDNEY: For the first time since 2010 the Australian dollar has dropped below US84c because of unsatisfactory monetary growth figures.
At 4pm (AEDT), the local currency had recovered marginally and was trading at US84.07c, but still down from US85.16c around the same time yesterday.
The Australian dollar hit a low of US83.92c — its lowest level since July 2010 — soon after economic growth figures were released at 11:30am.
The economy grew by just 0.3 per cent in the September quarter — much weaker than the 0.7 per cent economists were expecting.
Annual growth came in at 2.7 per cent, below expectations of 3.1 per cent.
“The Reserve Bank has been forecasting below trend growth but the numbers we got out today are well below forecasts and will probably come as a shock to the RBA board,” Forex.com research analyst Chris Tedder said.
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