The Aussie Dollar

[wolfman]

Originally Posted by Tamarie

I"m trying to follow the economy news as best I can but perhaps I missed something...

Could someone please explain why our dollar is at .64 US cents? I thought that since the US economy is dying, our dollar would be worth MORE, not less.

Nobody that I know is able to answer this question, which is why I risk looking silly by posting it here!

Thanks (I think...)

You can blame Japan for the Aussie dollar drop. I was in Sydney when the aussie dollar came down. The people in Japan (including the housewives) used to convert their YEN to Australian dollar and earn higher interest. what they did now was re-convert back the dollar to YEN (dumping the Australian Dollar back into the market), causing it to drop in value.

That was the start of it - last week