Dollar on big dipper
IF YOU’RE thinking about that trip to the US, you might want to do it soon.
Deutsche Bank’s Australian chief economist Adam Boyton says continued soft demand for resources and slower growth in China are among the factors that could force the Australian dollar below US60¢ to its lowest value against the greenback since early 2003. The Aussie dollar has already tumbled about 20 per cent in the past year and is just above US70¢.
Mr Boyton said Deutsche predicted 18 months ago the dollar would hit about US65¢ by the middle of 2016.
“I wouldn’t discount the currency moving into the 50s,” Mr Boyton said.