Aust dollar hits fresh 3-year low
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The Australian dollar has fallen to a fresh three-year low after strong US economic data raised the possibility the Federal Reserve will start winding down its economic stimulus program soon.
At 0700 AEST on Friday, the local unit was trading at 89.26 US cents, down from 89.58 cents on Thursday.
In overnight trade the currency dropped as low as 89.08 US cents, very close to the 89.02 US cents mark that was reached in September 2010.
BK Asset Management New York managing director Boris Schlossberg said the Institute for Supply Management manufacturing report for July came in much stronger than expected.
He said that raised the possibility that the US Federal Reserve could start tapering its $US85 billion-a-month bond-purchase program as early as September.
"That will be a US dollar positive and Aussie negative," Mr Schlossberg said.
"So, the Aussie dollar continues to be very heavily sold for two reasons.
"One, because the US policy is going to become a little bit more restrictive and two, there's this persistent suspicion the RBA (Reserve Bank of Australia) is going to cut the cash rate next week.
"I think that uncertainty is putting pressure on the Aussie dollar."
Markets are now awaiting the release of non-farm payroll for July, the key US employment indicator, due out on Friday night, Australian time.
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