The US dollar is continuing to subside on the back of more gloomy economic news concerning the American economy.
America's trade gap with China hit a new record in August as the country's trade deficit rose by nearly 9 per cent to more than $46 billion.
A slight monthly increase in US exports was more than offset by imports of consumer goods and foreign oil.
The US dollar weakened further on the back of a labour department report showing an unexpected jump in the number of Americans filing for unemployment benefits.
The Australian dollar hit 99.93 US cents late last night.
Analysts say the dollar is under pressure as speculation grows about the likelihood of further intervention by the US federal reserve.
The Greenback is trading at parity with the Canadian dollar and close to parity with the Australian dollar.
No comments:
Post a Comment