The Australian dollar has been bashed amid market concerns about the potential impact of US President-elect Donald Trump’s policies on the Australian economy.
At 7am on Monday, the local unit was trading at 75.30 US cents, down sharply from 76.26 cents on Friday.
National Australian Bank global co-head of foreign exchange strategy Ray Attrill said the Aussie had plummeted on market fears about the prospect of a future trade war between the US and China, as well as greenback strength on the back of corporate tax reforms in the US.
“If there is a trade war that results in sharply diminished cross-border trade, Australia will inevitably get caught up with that. It may mean less demand for Australian commodity exports to China, for example,” he said.
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