Australian dollar 'at risk' of falling into the 50s against the greenback

The Australian dollar has come under heavy selling pressureEconomists warn the dollar is at risk of falling further as global interest rates rise

He said concerns about the Chinese economy, and the global economy more broadly were weighing on the local currency.He said the currency markets were watching for the dollar to break 62 US cents.The dollar fell more than one per cent overnight but selling continued in Asian trade this afternoon when the Reserve Bank decided to leave its cash rate on hold at 4.1 per cent.

"Very simplistically — given the interest rate differentials between Australia and the USA, people will buy the [US dollar] for the yield [return] advantage it carries over Australia.The value of the Australian dollar is influenced by global investor sentiment, the price of commodities , and the differing interest rate settings of individual countries.

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