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Waking up in the morning, the Australian dollar suddenly fell below 5.0, falling out of the lowest level in a week!
By 06:30 Perth time (Beijing time), the exchange rate of the Australian dollar against the renminbi had fallen to
1 : 4.9630
What`s more, the Australian dollar fell in a cliff-like manner against the US dollar in a single day.
It just fell to 1: 0. 7199.
The main reason for this is that Australia`s economic growth is lower than expected. Australia`s GDP grew 2.8 percent in the third quarter from a year earlier, well below its previous forecast of 3.3 percent, according to a report just released.
In addition, consumer consumption in Australia rose only 0.2% in October, down from 0.7% in the second quarter.
The figures mean that Australia`s economy is slowing more than expected.
As a result, the Aussie dollar, which rose to 0.7355 against the US dollar, began to fall to 0.7300 against the US dollar against the backdrop of a easing of economic and trade conditions between China and the United States.
Then, more and more people expect the Federal Reserve Bank of Australia to downgrade rather than raise the cash exchange rate.
This further caused the Australian dollar to fall below 0.73, to the current level.
To sum up, the Aussie exchange rate against the US dollar and the renminbi are now at lower levels than they have been in nearly a month.
Therefore, there is a need to change tuition fees, living expenses of small partners, may as well take advantage of this wave of exchange rate decline, hurriedly change some money.
After all, the Australian dollar exchange rate is rising or falling, it is not easy to say.
