by Chris Becker
The Aussie dollar dipped into the low 70 cent region against the USD overnight, as part of a wider risk off move that saw commodities and stocks tumble across the board.
Its a new weekly and monthly low against USD:
A near three year low against Yen:
And almost back to the GFC low’s against Euro (EURAUD):
Advertisement
As this bear market deepens, the AUD will be dragged down with it as the number 1 proxy for commodities is sold off and the safe haven status obliterated.
It maybe too late to actually stave off the recession that’s coming, or to help manufacturing and tourism rebuild, but at least the depreciation is on its way.