Earlier today Reserve Bank governor Glenn Stevens gave a speech saying Australia’s economy faced challenges as the mining boom ends, as well as urging the country’s leaders to restore confidence.
It appears the speech — which was the first Stevens had given recently — was less positive than investors were hoping.
The Australian dollar was at 91.6 US cents at 12:50 PM, which was around the time Stevens began his speech at a business lunch in Brisbane, and by 2:00 it was at 91.05 US cents, its lowest point since early September, 2010.
At the time of writing the AUD was still worth 91.05 US dollars. Click here for live updates.
Yesterday Australia’s central bank opted to keep the official cash rate at a record-low 2.75%.
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