Despite slumping to new four-year lows against the US dollar and also dropping against other currencies in the past days, the Australian dollar still hasn’t troughed, analysts believe.
On Friday, the currency took a breather from the previous session’s pummelling and edged higher to trade around US81.70¢ late in the afternoon.
The dollar recorded a new US81.08¢ low on Thursday after the US Federal Reserve indicated it could raise rates as early as April next year.
OzForex corporate forex dealer Matt Richardson said US82¢ was a new point of resistance for the dollar.
“It’s slipped into a new range on the low side, and it’s now looking for a new catalyst to push it lower into the US80¢ range,” he said.
DISCLAIMER: This disclaimer is a requirement of the Securities Industry Legislation Act. The writer of this article is not a practicing lawyer or financier. The information, statements and opinions expressed are intended only as a guide as to some of the important considerations to be taken into account relating to property investment. I strongly suggest that you consult with licensed professionals such as accountants, Lawyers, Valuers, Development Consultants, Quantity Surveyors and others, BEFORE signing any contracts or other binding documents.