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The Australian dollar has fallen to its lowest level in more than six years, trading at $US 70.17 cents before 7 am AEST.
AAP reports that the dollar fell to $US 71.08 cents yesterday, following the Reserve Bank’s decision to leave interest rates on hold.
The Aussie continued to tumble overnight off the back of China’s official PMI of 49.7, showing the country’s manufacturing sector back in contraction.
“A break of 70 cents for the Aussie is looking very much on the cards,” Imre Speizer, a senior market strategist at Westpac Banking Corp. told Bloomberg.
There are fears China’s factories could continue to slow their output, leading to further weakening in demand for Australian commodities.
"Australia is largely considered a satellite economy to China, so any indication of weakness in China and traders look at the Australian dollar as the first currency outside China to feel the strain," John Hardy of Denmark’s Saxo Bank said.