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E-Mail: Please fill out this field. Please enter valid email. Please select a country. Close window. Questions or Comments? After that mid-year battering, Australia's currency enjoyed a slight reprieve in December and January when it appeared trade tensions were easing. In December, the so-called "Phase 1" deal between both countries was pre-announced by Mr Trump — with few details — and it helped Australia's dollar close the year on a positive note, around Come January, once Australia's bushfires turned catastrophic, analysts globally began revising down their immediate growth forecasts for Australia's economy.
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On January 2, Australia's dollar was trading at In such a jittery environment, fears of the coronavirus outbreak in recent weeks have pushed Australia's dollar to an year low. A lower Australian dollar typically benefits Australia's exporters, and it certainly boosts the profits of mining companies. A lower dollar also helps Australia's education sector, and its tourism operators. Domestic tourism operators benefit because it makes it cheaper for Australians to travel locally rather than overseas.
But the coronavirus has complicated matters — since the outbreak has occurred in China, one of Australia's major trading partners, it has severely interrupted supply chains for Australia's exporters, importers and manufacturers , and the Government's travel bans on Chinese tourists and students coming to Australia have hit the tourism and education sectors hard. It's a fool's game trying to predict how a currency will behave in the medium-term.
But currency strategists say it's hard to imagine scenarios in which Australia's dollar will strengthen in coming months, particularly because the Reserve Bank is likely to cut interest rates again this year. They say it's more likely the dollar will fall further from these levels, but the fact the coronavirus has stopped spreading in China will be welcomed by traders. Consumers can't do much to influence the value of the dollar, but they can use a lower dollar to their advantage.
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We acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn, and work. News Home. What's going on? The dollar has been weakening for 12 months Australia's dollar has been slowly losing value since February last year. Why would the dollar lose value when the RBA cuts rates? At the moment, the effective US federal funds rate is a touch over 1.
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