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Australian dollar trading below 77 U.S. cents

Xinhua, June 5, 2015 Adjust font size:

The Australian dollar has fallen to 76.86 U.S. cents, down from 77.20 U.S. cents in overnight trade on Friday.

The Australian dollar decline was exacerbated by a record 2.99 billion U.S. dollars trade deficit in April, following a revised deficit of 944.7 million U.S. dollars in March.

"The trade deficit hit its highest level ever with exports falling six percent. While part of this was due to severe weather temporarily shutting down ports, the decline will still negatively affect quarter two GDP growth," BK Asset Management managing director Kathy Lien told Business Review on Friday.

A sharper decline in the Australian dollar was avoided largely due to the downgrade in U.S. growth forecasts from the International Monetary Fund (IMF). Endi