The Australian dollar has fallen to its lowest point since 2022, trading below 62 US cents due to a combination of a strong US dollar and uncertainty in the Chinese economy.
Economists say the weaker Australian dollar is due to a combination of a strong US dollar and instability in the Chinese economy. The Australian dollar has had a rocky start to the year, dropping below 62 US cents on Wednesday and hitting a low of 61.84 US cents on Thursday morning. Although it has recovered slightly in early trade on Friday, it has been on a steady downward trajectory since 30 September last year, when it bought 69.32 US cents.
But Thursday was the first time it has been below 62 US cents since 2022. Why is the Australian dollar so weak at the moment? A combination of a strong US dollar and instability in the Chinese economy have resulted in the Australian dollar dipping so low, the independent economist Nicki Hutley explains. China’s economy has been tricky for a while, Hutley says, but currency markets can be quirky and unpredictable. The Australian dollar has also fallen against the British pound, buying only 0.49 pence on Thursday. Hutley advises everyone heading overseas to ensure they have a currency conversion calculator installed on their phone to make sure they know what they’re really spending, and to avoid bill shock – especially if travelling on credit cards. “Obviously makes things a lot more expensive,” she says. The inflationary pressures of a weak dollar will be a point of issue for the Reserve Bank of Australia when it comes to setting interest rates, but it’s not clear to what extent it will affect its decisio
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