Australian dollar crumbles to two-year low

The Australian dollar has fallen to its lowest level in two years on the back of the Federal Reserve cutting interest rates in the United States, and the local sharemarket has also gone backwards.

By midday today, the Aussie was buying about 62 cents against the greenback – the lowest exchange rate since October 2022.

It also dipped below the 50 pence mark against the UK pound for the first time since the onset of the pandemic.

Read More: https://www.9news.com.au/finance/australian-dollar-two-year-low-us-federal-reserve-rate-cut/82c5d04d-f33b-4568-9577-ff1ca8fa4e60