Australian dollar falls to .70 cents

The Sydney News.Net
Monday 6th October, 2008

The Australian dollar crashed to .70 cents overnight, takings it's losses for the past two months to 29%.

The local currency fell as the Japanese yen was bought up, largely due to the unwinding of carry-trades.

The yen briefly touched 100 to the dollar at one point.

Currency markets began factoring in a more severe global recession than previously thought. A recession will reduce demand for commodities.

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