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AUSTRALIAN DOLLAR COULD FALL BELOW 44 CENTS: TRADER.
MELBOURNE, April 2 Asia Pulse - The hard-hit Australian dollar, which hit a record low of 48.50 US cents in New York on Friday, could drop under 44 cents later this week, according to at least one trader.
The trader with a major Australian bank in London said 48.90 US cents had been a crucial technical barrier.
"The 48.90 figure is a signal it could go a lot weaker," he said.
The next major figure for sparking further selling is 47.50, after which the currency could free-fall as low as 43.80, he said.
Even a probable interest rate cut of at least 0.25 percent this week seems unlikely to shore the dollar up.
Federal Treasurer Peter Costello leapt to the defence of the currency saying the level of the dollar did not reflect the true state of the Australian economy.
"The things that are influencing the Australian dollar, (the) US dollar exchange rate at the moment, are not reflecting economic fundamentals: a balanced budget, low inflation and low ...
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Source: HighBeam Research, AUSTRALIAN DOLLAR COULD FALL BELOW 44 CENTS: TRADER.