Aussie dollar hits new low over China data
THE Australian dollar has sunk to a fresh low against the Singapore dollar on further signs of weakness in the Chinese economy.
China, Australia's No.1 export market, on Tuesday released data showing its manufacturing sector hit a three-year low last month.
This sent the Aussie dollar sliding to as low as 0.9877 to the Singdollar yesterday morning, before inching back to 0.9927 at about 7pm.
In July, the Aussie hit parity with the Singdollar for the first time since the global financial crisis in 2009. It had been as high as about $1.35 in the intervening period.
Phillip Futures investment analyst Howie Lee said China's economic slowdown continues to weigh heavily on the Aussie dollar. "The slump in commodity prices - most notably iron ore, crude oil and copper - is hurting the export revenues of Australia," he added.
He expects the Aussie dollar to fall as low as 94 Singapore cents in the months ahead, especially if its central bank cuts interest rates again.
All this is good news for Singaporeans travelling Down Under or with children studying there.
Reapfield Property Consultants, which specialises in selling Australian properties, has also seen a 40 per cent surge in inquiries among interested buyers since the weakening of the Aussie dollar.