Aussie dollar drops 2 US cents
Published on: Thursday, November 10, 2011
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.
New on Switzer
- Mad About Money - Episode 31 02 Dec •
- ScoMo, don’t let these fockers hurt our economy 02 Dec •
- Australian shares: looking ahead 02 Dec •
- Quality stocks outperform 02 Dec •
- Winning the Tim Tam price war 02 Dec •
- 5 things you need to know today 02 Dec •
- George Boubouras 02 Dec •
- Julia Lee 02 Dec •
- Busy week for auction clearance rates 01 Dec •