- The AUD/USD falls to a 17 year low, finishing the week below 62 cents
- The US dollar is strengthening as investors seek the shelter of 'safe haven' assets
- Risk will likely dictate the direction of the Australian dollar
AUD to USD exchange rates
|In the last week||0.6130||0.6682|
|In the last month||0.6130||0.6732|
On Friday, the USD dollar got stronger, pushing the AUD to USD exchange rate to a 17 year low. It finished a remarkable week with the Aussie dollar fell more than 5 cents which has not been seen since the GFC.
The exchange rate has not been this low since 2003 before the commodities boom kicked in.
It was also a tough week for the Australian dollar against the euro. The AUD to EUR exchange rate fell more than 3 cents, finishing the week at 0.5561
The AUD was relatively flat against the pound, yen and NZ dollar.
With the Australian dollar so low:
- It becomes cheaper to travel locally compared with heading overseas
- It becomes more expensive to travel overseas
- Exported.goods become more globally competitive
- Imported goods become more expensive