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Aussie dollar continues slide

The Australian dollar opened weaker today for the 10th consecutive day as more traders buy into the undervalued US currency.

At 7am, the Australian dollar traded at US$0.8838/43, down from yesterday’s close of US$0.8868/71. During the overnight session, the Australian dollar traded for as low as 0.8798, its lowest in six months.

Suncorp group treasury strategist Peter Pontikis said the Australian dollar’s slide during the past week was the product of traders buying into a recently undervalued US currency and selling out of the euro, which is now seen as overpriced.

Pontikis says that while the euro rates are expected to decline and the US dollar will continue to rise, the Australian dollar is likely to hit US$0.8500 in coming days as the US currency continues to recover.

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