28-08-2013, 04:59 PM
Not a good news for companies have business in Australia e.g. SingTel...
RBA board member says Australian dollar needs to fall
SYDNEY - The Australian dollar needs to weaken further in order to ease the impact of a mining sector slowdown on the country’s economy, a Reserve Bank of Australia board member told the Wall Street Journal.
Mr John Edwards, one of nine members of the RBA’s interest rate setting board, said the expected move by the US Federal Reserve in scaling back its programme of quantitative easing “is highly likely to be associated with a strengthening of the U.S. dollar and a weakening of our dollar, which will be good for us”, Mr Edwards told the paper.
The Australian dollar has fallen almost 14 per cent so far this year, trading just below US$0.90 on Wednesday, having spent most of the previous two years above parity with the US dollar.
http://www.todayonline.com/business/rba-...needs-fall
RBA board member says Australian dollar needs to fall
SYDNEY - The Australian dollar needs to weaken further in order to ease the impact of a mining sector slowdown on the country’s economy, a Reserve Bank of Australia board member told the Wall Street Journal.
Mr John Edwards, one of nine members of the RBA’s interest rate setting board, said the expected move by the US Federal Reserve in scaling back its programme of quantitative easing “is highly likely to be associated with a strengthening of the U.S. dollar and a weakening of our dollar, which will be good for us”, Mr Edwards told the paper.
The Australian dollar has fallen almost 14 per cent so far this year, trading just below US$0.90 on Wednesday, having spent most of the previous two years above parity with the US dollar.
http://www.todayonline.com/business/rba-...needs-fall