September 5, 2003
Aussie Dollar Slips Below US64 Cents
The Australian dollar fell below US64 cents for the first time in nearly three months on Wednesday night, as positive economic news strengthened the outlook for the U.S. market, reported the Australian Broadcasting Corporation.
After hitting a peak of US68.5 cents against the U.S. dollar on August 7, the Australian dollar has fallen 6 percent over the past three weeks. Given that the rise in the Australian dollar during the first seven months of 2003 was partly due to the comparative weakness of the U.S. dollar and economy, the recently improved economic news for the U.S. has increased the attractiveness of the U.S. dollar to investors.
The Australian dollar has also fallen against other major trading currencies during the week, falling 2 percent and 1.5 percent against the yen and euro, respectively.