Australia: Australian dollar hits lowest level in more than three years
August 23, 2013
On 23 August, the Australian dollar (AUD) traded at 0.90 USD per AUD, which was 2.9% weaker than the level observed on the same day last month. The AUD has lost 13.4% of its value since the beginning of the year and is now trading at 14.5% lower on an annual basis. On 2 August, the Australian dollar fell to its lowest level in more than three years, dropping to 0.89 USD per AUD.
The Australian dollar has been on a downward trajectory against the U.S. dollar since the beginning of the year, as the end of the decade-long boom in resources investment sparks concerns regarding the country's growth prospects. Against this backdrop, FocusEconomics Consensus Forecast panellists expect the Australian dollar to trade at 1.01 USD per AUD by the end of this year. The panel projects the AUD will trade at 1.00 USD per AUD in 2014.
Author: Armando Ciccarelli, Head of Data Solutions