Explore the latest developments concerning Australian dollar dives.
Australian dollar dives to two-month low as interest rate fears grip markets
The Australian dollar drops to its lowest level since April 8. (AAP: Joel Carrett)
The Australian dollar fell to its lowest level in over two months, just over 70 cents to the US dollar.
The weakness stems from a renewed surge in the US dollar as global interest rates, including US interest rates, rise.
The Reserve Bank will be watching the dollar closely ahead of next Tuesday's scheduled meeting on interest rates.
Earlier, the local currency hit 70.18 US cents, the lowest level since April 8 when it was 69.46 US cents.
Later that day, it surged to 70.67 US cents as a two-week truce between the US and Iran was mediated by Pakistan.
$A hits two-month low as global shockwaves trigger rate rise warning
Investors dumped the Australian dollar and bonds on Monday after renewed fighting in the Middle East and a strong US jobs report raised the spectre of higher interest rates in both America and Australia in the months ahead.
The Aussie, often traded as a proxy for global risk, fell 1.2 per cent to its lowest level in two months at US70.45¢ after Iran launched ballistic missiles at Israel over the weekend in the most serious test so far of a fragile two-month ceasefire between the adversaries.
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