The Australian Dollar Is Getting Smoked

The Australian dollar is getting hammered.

Following the copper price down this afternoon, the dollar was off more than 1% to 0.8084.

The dollar’s drop started after the Australian Bureau of Statistics released data on engineering construction which showed the value of projects launched in the September quarter had dropped.

It rebounded slightly not long after but then the price of copper fell off the cliff.

Copper is Australia’s fifth largest export and the price of the commodity hit a fresh five-and-a-half-year low today. Copper was $2.457 a pound after lunch, down from its opening price of $2.604 earlier today.

Here’s the chart.

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