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Aussie dollar lower amid Brexit concerns

Xinhua, June 15, 2016 Adjust font size:

The Australian dollar has fallen amid growing concerns that Britain will leave the European Union.

At 7:00 a.m. local time (AEST) on Wednesday, the Australian dollar was trading at 73.58 U.S. cents, down from 73.98 U.S cents on Tuesday.

By 7:40 a.m. local time (AEST), the Australian dollar had fallen to 73.44 U.S. cents.

Commonwealth Bank of Australia senior currency strategist Elias Haddad said in a note on Wednesday the Australian dollar fell by about 1 percent in overnight trade on the back of lower global stock markets and commodity prices.

"Heightened global risk aversion because of Brexit concern will continue to weigh on the Australian dollar in the near term," Haddad said.

Westpac chief market strategist added Brexit risks are likely to weigh on risk appetite until next week, keeping a lid on the likes of the Australian dollar.

"However, a cautious Fed overnight should provide some support," Speizer noted.

"Multi-month we expect the U.S. dollar to eventually find its feet and help drag Australian dollar lower." Endit