Dollar weaker as equities plunge
THE dollar was trading around 1.5 US cents lower this morning, amid big losses on global equity markets.
THE dollar was trading around 1.5 US cents lower this morning, amid big losses on global equity markets.
At 0625 AEST today, the dollar was trading at 102.15 US cents, down from 103.63 cents yesterday.
US stocks plummeted overnight, more than wiping out the gains of Tuesday's rebound, with the Dow Jones Industrial Average dropping 4.63 per cent.
Share markets in London, Paris and Frankfurt also fell, over new debt fears on Greece and rumours of a France credit rating downgrade.
The dollar hit a peak of 110.81 US cents on July 27, its highest level since the fixed exchange rate era ended with its float in December 1983.
It fell below parity on Tuesday, as markets continued to react to last week's historic downgrade of the United States' credit rating by Standard & Poor's.
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