The Aussie has been on a roller coaster ride since the beginning of the year. From January 2013 till today the Aussie has fallen 10.5 percent. Since Australia is a major commodity exporter, it is intricately linked to commodity prices. Money movers across the globe identify Australia's fortunes to the commodity price cycle and therefore sell the Australian dollar when commodity prices are in decline. This is actually the reason for the decline in the Aussie dollar. Further, slowdown in Australia's largest importer country i.e. China has also taken a toll on their domestic growth. The credit crunch fears in China have sent the Australian stocks lower as PBOC asked local banks to control credit expansion risks.
The condition that Australia has been going through has impacted the export competitiveness of the nation. The swearing in of Kevin Rudd today for a second time as the prime minister has provided some temporary respite to the ailing economy. Given the current uncertainty in the global markets, Aussie seems on a downhill journey in the near term.
The below graph shows the movement in AUDUSD from the beginning of the calendar year.
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Mecklai graph: Aussie dollar on roller-coaster
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