The Australian dollar experienced a significant downturn last week, falling by 2 per cent. This represents the currency’s most substantial weekly drop since March, primarily driven by the US dollar’s resurgence. After a period of strong performance, the Aussie struggled to maintain its upward momentum, relinquishing some of its recent gains against the greenback.
During the previous month, the Australian dollar had surged above US67¢, marking a high point in its recent trading. However, it proved unable to sustain these levels, and the currency subsequently declined. On Friday, the Aussie reached a low of US64.69¢ before seeing a slight recovery.
In early trading on Monday, the Australian dollar was trading at US65.07¢. Market analysts will be closely watching to see if the Aussie can consolidate around this level or if further volatility is expected in the coming days. These currency fluctuations can have broad implications for businesses engaged in international trade and investment.
