SYDNEY: The Australian dollar has plunged to its lowest level in five-and-a-half years.
At noon today, the local currency was trading at 80.95 US cents, down from 81.37 cents on Friday.
The Australian dollar briefly dipped as low as 80.53 US cents this morning, its lowest level since July 2009.
Easy Forex currency dealer Ricky Liu said weak commodity prices and US dollar strength were continuing to weigh on the Australian dollar in 2015.
“US dollar strength has continued in anticipation of an interest rate hike by the US Federal Reserve, so we’re getting a weaker Australian dollar,” Mr Liu said.
“Commodity prices have continued to fall off and China is slowing down which also affects the Australian economy.
“Australia is slowly going toward a recession.”
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