Australian Dollar Hits Lowest Level In Nearly 11 Years

The Australian dollar tumbled to its weakest level since the financial crisis as investors continued to weigh the impact of the coronavirus on economic growth in China, Australia’s biggest trading partner, the Financial Times reported. The currency, typically regarded as a proxy for Chinese economic growth, fell as much as 1 per cent to $0.6662 in New York trade on Friday morning, the lowest level against the greenback since March 2009. Potential fallout from the coronavirus, and the adverse impact it is likely to have on economic growth, is the latest threat to Australia’s growth outlook, which is also going to take a hit owing to a catastrophic bushfire season. The rapid spread of the disease has prompted countries all over the world to quarantine travellers from China, while airlines have suspended flights to and from the mainland. Read more