I have been watching the slow descent of the Australian dollar over the last few months and it seems it still has not leveled out, after checking its value this morning it is a low of 67 cents to the value of the USD. It is amazing to think that it has gone from the value of 96 cents a few months ago all the way to here.
For anyone in another country like myself or travelling overseas the change is massive. What makes me wonder is why do they keep saying on the news Australia will be one of the least effected by the current Global Recession. To me after looking at all the values of the dollar it seems Australia has been most effected by its money value. The AUD has had around 30% drop in the last couple of months. No other western dollar has done that…?
1.00 USD = 66.5 cents AUD
It seems that US dollar is still holding strong in value on the market even though it is supposed to be the most effected country. Hopefully for me and for other Australians, the AUD dollar levels out soon…. By many economists i have read on the subject of late, they estimate the AUD dollar should return to about 84 to 85 cents US in time. The main reason of this evaluation is the Australian dollar is majorly effected by interest rates.