The Australian dollar has dropped below US60 cents for the first time since the COVID-19 pandemic.
According to Bloomberg data, the dollar was worth US59.91c, at about 8.30am AEST, but had fallen to as low as US59.33c just after 8am.
It has since broken the US60c mark again, if barely, reaching US60.04c at 9.35am.
It comes as the Australian Stock Exchange braces for another wipeout in the wake of tit-for-tat tariffs and trade wars following the White House’s imposition of global levies on imports.
There are ongoing fears of a US recession that could plunge the global economy into even further chaos.
And any disruption felt by China, one of the Trump administration’s major tariff targets, is likely to rattle Australia.
The full list of Trump’s ‘reciprocal’ tariffs
Prime Minister Anthony Albanese has ruled out reciprocal tariffs in response to a broad 10 per cent levy on Australian imports into the US.
In September last year the dollar fetched above US69c, and even mid-December last year, the dollar was worth more than US64c, but ongoing market uncertainty has rattled its value.
The US dollar has also seen spikes in its value due to recent strong employment numbers.
