Australian dollar falls to lowest in 2018

Australian dollar falls to lowest in 2018

Sydney, May 1 (IANS) The Australian dollar on Tuesday fell to its lowest level in 2018 for a second straight day.

When the Asian market opened on Tuesday morning, the local unit was trading at 75.31 US cents, down from 75.59 US cents on Monday, Xinhua news agency reported.

On Monday, the Australian dollar fell heavily sliding to the lowest level this year against the greenback.

The weakness in the Australian dollar stemmed from lower than expected economic data in Europe, which saw a soft inflation read for both Germany and Italy, as well as a disappointing retail sales report.

As a result, the US dollar strengthened causing the Australian currency to sink.

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