Sky News contributor peterswitzer says history has shown the bigger the United States budget deficit gets the more its currency value falls, resulting in a stronger Australian Dollar.
Sky News contributor Peter Switzer says history has shown the bigger the United States budget deficit gets the more its currency value falls, resulting in a stronger Australian Dollar. The US budget deficit soared past $3 trillion due to the government’s spending on coronavirus relief.
“After the GFC, the budget deficit in the US blew out because of the recession,” Mr Switzer told Sky News. “The Aussie Dollar got to about USD$1.10 over that period of time. “I don’t think that will happen this time, but certainly the Aussie Dollar is on the way up.” The Australian Dollar currently buys 73 US cents.
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