Australian dollar isn’t done dropping, say analysts – Fairchild
Despite slumping to new four-year lows against the US dollar and also dropping against other currencies in the past days, the Australian dollar still hasn’t troughed, analysts believe.
On Friday, the currency took a breather from the previous session’s pummelling and edged higher to trade around US81.70¢ late in the afternoon.
The dollar recorded a new US81.08¢ low on Thursday after the US Federal Reserve indicated it could raise rates as early as April next year.
OzForex corporate forex dealer Matt Richardson said US82¢ was a new point of resistance for the dollar.
“It’s slipped into a new range on the low side, and it’s now looking for a new catalyst to push it lower into the US80¢ range,” he said.