Australian Dollar hits lowest point since 2009

calendar with 2009

In short

  1. The Australian dollar is at its lowest point against the US dollar since 2009
  2. Falling commodity prices and concerns over the coronavirus have weighed heavily against the AUD
  3. RBA Governor Lowe to speak again this week

AUD to USD exchange rates

TimeOpenLowHigh
Today0.6673
In the last week0.66630.6771
In the last month0.66630.6927

The Aussie Dollar has fallen to its lowest AUD/USD exchange rate since 2009.

A weak session on Friday was enough to send the local currency to fresh 11 year lows as concerns over the coronavirus weighed on markets and the Australian currency.

The RBA

What helped drive the Australian dollar higher was the upbeat statement that came with the decision. It painted a fairly positive picture of the Australian economy while still acknowledging the potential downside of the Australian bushfires and coronavirus.

This came after the AUD got a small boost from RBA comments along with a Statement on Monetary Policy on Friday

After considering this balance, the Board decided to maintain the cash rate unchanged. We recognise, though, that the nature of this balance between benefits and risks can change over time and it is dependent upon the state of the economy.

– Reserve Bank Governor Dr Philip Lowe

 

Up Next

GDP figures in Europe and the UK should give an update on the health of the Eurozone. The central bank in NZ is also expected to keep interest rates on hold at 1%. Locally, the head of Australia's RBA is due to speak on Thursday.
 

CountryDayEvent
ChinaMondayConsumer Price Index (CPI)
New ZealandTuesdayRBNZ interest rate statement
USAWednesdayUS Fed Chairman Powell testifies
AustraliaTuesdayCBA PMI for January
AustraliaThursdayRBA's Governor speech
EurozoneFridayGDP
USAFridayRetail Sales