The Australian dollar surged to its highest peak this year as US President Donald Trump’s persistent criticism of the Federal Reserve rattled Wall Street, driving the US currency to a three-year low and shaking investor faith in the world’s largest economy.
Trillions of dollars were erased from the US sharemarket overnight as the dollar index, traditionally seen as a haven for investors, plummeted to 97.92 against a basket of six major currencies to the lowest level since March 2022.
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Cécile Lefort is a markets reporter based in the Sydney newsroom. Cécile worked in New York and Hong Kong writing about global capital markets. Email Cecile at cecile.lefort@afr.com
