Australian Dollar opens below US 89 cents
The Australian dollar has opened below $US0.89 for a second time this week as the foreign exchange market continues to be volotile.
After reaching a 23 year high to trade at between a low of $US0.9302 and a high of 0.9342 at the end of last month, the Australian dollar has been fluctuating between 86 and 89 during the past week.
At 7.00am today, the Australian dollar was trading at $US0.8856/61, which was down from yesterday's closing rate of 0.8999/01.
The drop in the Australian dollar comes as no surprise with world markets all tumbling overnight on the back of the the continuing fallout on Wall Street and a drop in world oil prices (I wonder if our petrol will be cheaper as quickly as it becomes more expensive when world oil prices go up?) .
The US Federal Reserve (central bank) injected $US47.25 billion into the US money markets overnight in an attempt to to help ease some of the strain.
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