The Australian dollar is getting hosed ahead of the federal budget

Photo: Rodrigo Arangua / AFP / Getty Images

The Australian dollar is getting hosed, falling to a fresh one-year low in European trade on Tuesday.

Here’s the scoreboard as at 6.45pm in Sydney.

AUD/USD 0.7467 , -0.0049 , -0.65%
AUD/JPY 81.41 , -0.61 , -0.74%
AUD/CNH 4.7542 , -0.0262 , -0.55%
AUD/EUR 0.6280 , -0.0026 , -0.41%
AUD/GBP 0.5528 , -0.0017 , -0.31%
AUD/NZD 1.0682 , -0.003 , -0.28%

The Aussie was already under pressure following a weak Australian retail sales report for March, dropping below .7500 against the greenback in Asian trade.

Those losses have since extended in European trade with the AUD/USD sliding to as low as .7467, the weakest level since June 6, 2017.

AUD/USD Daily Chart

Rather than reflecting anything to do with the imminent release of Australia’s federal budget later Tuesday, the move appears to be a part of a broader risk-off move ahead of an announcement on whether the United States will withdraw from an international nuclear agreement with Iran.

“It is an event risk and has the potential to make risk sentiment which is already cautious more unstable,” Manuel Oliveri, a currency strategist at Credit Agricole in London, told Reuters.

US President Donald Trump will announce the decision at 4am Sydney time Wednesday morning.

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