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Australian Dollars Falls Below 80 US Cents

I hope all you Australians that wanted to take a trip to America did it before now considering how far the Australian dollar has dropped in recent weeks:

THE dollar was trading lower this morning, falling below 80 US cents and at a three-year low against the Japanese yen after the US Congress rejected the US government’s rescue plan for troubled financial firms.

At 10am (AEST), the Australian dollar was trading at 79.85 US cents, down 2.35 US cents from yesterday’s close of 82.20 US cents.

The Australian dollar opened the local session at 7am (AEST) at 80.49 US cents, but quickly fell below 80 US cents as risk aversion took hold.

Since 7am (AEST), the local currency has traded between a low of 79.37 US cents, its lowest level since September 18, and a high of 80.46 US cents.  []