The plunge in the Australian dollar to five-year lows is tipped to get worse as US President Donald Trump’s raging trade war shows little signs of abating and has markets bracing for a global recession.
The $A plunged to US59.12¢ on Wednesday, a level last seen in the early days of the COVID-19 pandemic. It has shed almost US5¢ in less than a week, the biggest five-day decline since March 2020, and reminiscent of the global financial crisis in 2007-2008.
