Aust dollar sinks below US93c

By Daniel Palmer

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website.

The Reserve Bank of Australia again warned the Australian dollar was overvalued as it held the official cash rate at a record low of 2. 5 per cent at its September board meeting.

The Australian dollar has lost more ground overnight, extending falls made yesterday in the wake of the Reserve Bank of Australia's latest rates announcement.

The jawboning of the local unit was further exacerbated by US dollar strength overnight as the US manufacturing purchasing managers' index (PMI) came in above expectations.

At 4am (AEST), the local unit was trading at US92. 79c, well down from its levels above US93c before the RBA's decision and lower than the US92. 89c mark it reached at the close of local trade on Tuesday.

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Read more here: Business Spectator


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