The Aussie dollar is getting smoked as Asian trade opens

Having put in a remarkably resilient performance on Friday despite a savage global selloff in stocks and heightened fears surrounding China’s economy, the Australian dollar has finally cracked this morning, falling by close to one percent to .7262.

The currency is now trading at a two-week low, and looks set to test the multi-year low of .7218 struck on August 12 should risk aversion in other asset classes continue today.

Reflective of the “risk off” mood across markets, it has also fallen heavily against the Japanese yen, losing 1.11% to currently buy 88.24.

On Friday the Aussie finished the week at .7319, a modest 0.23% lower than Thursday’s closing level. For the week it lost just 0.68%.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.