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The cost of consumer technology goods such as Hi Fi, HD TVs, home theatre kits, as well as notebooks and monitors could climb as much as 50% if the Australian dollar falls to $0.40 as predicted by currency analysts.
The Australian newspaper is claiming that the Australian dollar may fall to a record low next year, possibly dipping below 0.40 US cents for the first time. Carlin Doyle, a London-based currency strategist at State Street Global Markets told the News Ltd publication, “I can see it certainly dropping quite sharply from here, the Australian dollar could fall below the 40 cent level and I can see that happening in the next year or so,” as slowing growth in emerging markets cools demand for the raw materials exported by the nation.
The currency has dropped 31% since reaching a 25-year high of 98.49 US cents on July 16, sliding as prices of crude oil, gold and nickel declined. It reached 47.75 cents in April 2001, the lowest since it started trading freely in 1983. Australia’s currency rose 5.3% to 68.43 cents at 7:03pm in Sydney, from 68.43 cents late yesterday in Asia.
For more see the Australian at www.theaustralian.com.au
