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Aussie dollar drops 2 US cents

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The Australian dollar tumbled overnight, following investor fears over Italy and the economic crisis in the greater eurozone region.

The dollar was trading at 101.16 US cents this morning, down more than two US cents from yesterday’s 103.62 US cents.

Contributing to the significant fall was fears over Italian 10-year government bonds, the yields of which have increased to 7.4 per cent. This level is close to that which pushed other eurozone countries to seek bailouts.

The market, and the Australian dollar, will be waiting on news tonight as key talks on Italy’s debt package continue. Italy’s vote on a new austerity package will mark Italian PM Silvio Berlusconi’s last act before he resigns.

Published on: Thursday, November 10, 2011

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