It's a fair bet that the path to longer term recovery of the Aussie dollar will be fraught with more than an occasional false dawn. The AUD took a hammering earlier this year and hit a fresh all time low of 47.75c US in early April. It then rose quickly back to the 53c US mark but seemed to run of steam this week, falling away both in USD and trade weighted terms. The TWI was off sharply at 49.5. This was despite weakness in the euro, which has suffered from weak economic data this week, with inflation on the rise and slower economic growth.
Commodities are under pressure internationally due to the global economic slowdown.
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