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The Australian Dollar Continues to Sink

Wow, the Aussie dollar just continues to sink compared to the US dollar:

THE dollar was in danger of sinking below US60c today for the first time in five and a half years, even though the central bank intervened in the foreign exchange market for a third time in recent days.

Traders continued to shun the Australian dollar during another weak offshore session overnight as the popularity of high interest rate currencies continued to fall amid fears of a global recession.

The domestic currency hit US60.12c at 7.30am (AEDT), a level last reached in early April 2003, and came close to retesting that low point again two hours later.

The Australian dollar last fell below US60c on April 8, 2003.

The unit has continued to decline today after opening the local session US0.83c weaker at US60.40c, marking the fifth successive weak start to the day.  []