Australian Dollar falls again

The Australian Dollar lost almost one US cent today to close at its lowest point this year.

The Australian Dollar was trading at 85.61 US cents, down from yesterday's close of 86.53 US cents.

It is the second time this year the Australian dollar has closed the local trading day below 86 US cents, closing even lower than the previous 85.95 cents finish on January 22.

Commonwealth Bank currency strategist Joseph Capurso said a stronger US dollar was the major factor behind today's fall.

The Australian dollar has lost 13 per cent since hitting a 25-year high of 98.49 US cents on July 16 - levels not seen since the days of a fixed exchange rate.

Mr Capurso said the decline was one of the fastest in the currency's history, having slid in almost a straight line since.

"As soon as it hit that, it's spent most of the time falling," Mr Capurso said.

"It's been one hell of a fall for the Aussie dollar."

Mr Capurso said he expected it to be buoyed by new economic data over the next fortnight, and described the slide as temporary. "We think the market is going to be surprised about the resilience of the Australian economy, so we think that the Aussie will find some support," Mr Capurso said. Commonwealth Bank has forecast the dollar to reach 90 US cents by December.

Full story at news.com.au

Pounds to Australian Dollars exchange rate is currently 2.1500