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http://www.theaustralian.com.au/business/markets/australian-dollar-down-on-greenback-strength/story-e6frg916-1227358936083
The Australian dollar was worth US80.14 cents at 4pm (AEST), down from US80.47 cents on Friday.
Westpac chief currency strategist Robert Rennie said the New Zealand dollar has lost some ground during the morning, which hasn’t helped the Australian dollar.
“Over the weekend New Zealand announced changes to capital gains tax on investment properties that’s seen a weaker New Zealand dollar,” he said.
“We’ve also seen a bit of US dollar buying generally going through this morning as well and that is leading currencies lower as well.”
Mr Rennie had expected the Australian dollar to fall below US80 today and said it would probably continue down to US79.60 cents or US79.80 cents, but not too much further.
During the morning Reserve Bank of Australia deputy governor Philip Lowe reiterated the bank’s long-held concern over the strong Australian dollar.
“In this context, it is difficult to escape the conclusion that a further depreciation of the Australian dollar would be helpful in the transition of the Australian economy,” he said.
Mr Rennie said the comments also put some downward pressure on the Australian dollar as well
The Australian dollar was worth US80.14 cents at 4pm (AEST), down from US80.47 cents on Friday.
Westpac chief currency strategist Robert Rennie said the New Zealand dollar has lost some ground during the morning, which hasn’t helped the Australian dollar.
“Over the weekend New Zealand announced changes to capital gains tax on investment properties that’s seen a weaker New Zealand dollar,” he said.
“We’ve also seen a bit of US dollar buying generally going through this morning as well and that is leading currencies lower as well.”
Mr Rennie had expected the Australian dollar to fall below US80 today and said it would probably continue down to US79.60 cents or US79.80 cents, but not too much further.
During the morning Reserve Bank of Australia deputy governor Philip Lowe reiterated the bank’s long-held concern over the strong Australian dollar.
“In this context, it is difficult to escape the conclusion that a further depreciation of the Australian dollar would be helpful in the transition of the Australian economy,” he said.
Mr Rennie said the comments also put some downward pressure on the Australian dollar as well
