Australian dollar follows overseas stock markets lower

THE Australian dollar has fallen below 92 US cents for the first time in two months, pushed down by big falls in European and US stock markets.

A 1 Australian Dollar coin and a 1 US Dollar note are seen in Canberra, Tuesday, May 21, 2013. As the US economy rebounds, there are predictions that the Australian dollar could fall as low as 90 US cents in the coming weeks and months. (AAP Image/Lukas Coch) NO ARCHIVING

THE Australian dollar has fallen below 92 US cents for the first time in two months, pushed down by big falls in European and US stock markets.

At 0630 AEST on Friday, the local dollar was trading at 92.91 US cents, down from 93.20 cents on Thursday.

The Dow Jones Industrial Average was down 1.88 per cent, London’s benchmark FTSE 100 index shed 0.64 per cent and in Paris the CAC 40 tumbled 1.53 per cent.

The falls were attributed to a range of factors, including weak eurozone data, the Argentine debt default and disappointing US corporate earnings.

Originally published as Australian dollar follows overseas stock markets lower