Australian dollar pounded

Tuesday 25 August 2015

The Aussie battler was hammered last night, not before time, and is trading as I write at $71.70. It is in free fall against all major developed economy currencies now, including the severely debased yen:

Even against commodity competitors we’re now making some headway as the Canadian loonie and Norwegian kroner outperform:

Quite rightly given Australia is very much more exposed to the developing economy rout than either of those two.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.