THE AUSTRALIAN DOLLAR JUST TOOK ITS BIGGEST HIT IN NEARLY 5 YEARS
Undermined by the RBA decision to cut rates on Tuesday to a fresh record low, a rebound in the US dollar and significant falls in global commodity prices such as crude oil and iron ore, the Australian dollar tumbled in overnight trade, finishing the session nursing a loss of 2.34% against the US dollar.
It was the largest one-day percentage decline recorded since September 22, 2011 — nearly five years ago.
As at 8am AEST, the AUD/USD buys .7482, nestled at a level where it has found buying support in the past.
Read more at: http://www.businessinsider.com.au/the-australian-dollar-just-took-its-biggest-hit-in-nearly-5-years-2016-5
