Australian dollar falls below 0.75 USD mark, speculators target other currency

The Australian dollar has fallen only slightly against the U.S. dollar on Wednesday, as investors scramble out of the greenback into other currencies, particularly the yen.

At 0630 local time AEST, one Australian dollar bought 74.96 U.S. cents, down from the 75.03 cents it sat on Tuesday.

Joseph Capurso, senior currency strategist at the Commonwealth Bank, told Xinhua in a statement that although the Australian dollar was relatively firm, it should have gained against a weakening U.S. dollar.

"AUD/USD was relatively stable despite the big moves in the yen and U.S. Treasuries. The failure' of the Australian dollar to gain against the weakening U.S. may reflect the $1.45 U.S. dollar per ton decrease in iron ore futures," Capurso said.

At 0944 local time AEST, one Australian dollar buys 75.03 U.S. cents. Endit