Chart from xe.com
From The Sydney Morning Herald:
The Australian dollar is in freefall this morning, plunging to near two-year lows overnight as stockmarkets in the United States and Europe were battered by fears of a global recession.
At 5.30am (AEST) the Australian dollar had slipped to 97.29 US cents, more than two and a half cents down from yesterday's 5pm close of 100.18 US cents, and down 5 US cents since Wednesday. The last time the local unit languished in the 97 US cent range was early December, 2010.
The dive came as stockmarkets across the globe sank into a sea of losses amid predictions and warnings of a slowing world economy, unable to overcome worries over debt problems and poor performance in Europe and the United States.
Sharemarket gloom
Investors will watch the Australian share market anxiously when it opens today after another bloodbath on overseas markets overnight, with top economists and politicians warning the world's economy appears to be in for a rough ride.
Read more:
http://www.smh.com.au/business/dollar-dives-in-black-day-for-global-sharemarkets-20110923-1knsq.html#ixzz1YiTG2G2G
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