Australian dollar hits 2-year low
Posted
The Australian dollar has dived to a two-year low of 75.78 US cents as concerns grow about the global economy.
The local currency has fallen more than seven US cents over the last week to its lowest level since October 2006, as the financial upheaval heightens the gloom surrounding the outlook for commodities.
The Australian dollar's also been hit by mounting expectations the Reserve Bank will cut rates by as much as half a percentage point tomorrow.
Local stocks are down after the passage of the US bailout bill was overshadowed by figures showing the US lost nearly 160,000 jobs last month.
That led to losses on Wall Street on Friday, and at 12:00pm AEDT the ASX 200 had shed 2.4 per cent to 4,585.
The All Ordinaries index has lost 110 points to 4,593.
