The Australian dollar fell to its lowest in six-and-a-half years against the greenback on Friday, and some strategists say the currency has further to go before finding a new floor.
On Friday afternoon in Sydney the AUD/USD pair traded 0.70% lower at $0.6968, down from $0.7017 where the cross closed in New York on Thursday and it's weakest since early 2009.
On Tuesday the RBA left interest rates on hold and for the second time in as many months signalled that the level of the Australian dollar was consistent with economic settings.
While the RBA has held a neutral stance since May, when the bank last cut interest rates, this week's GDP data certainly builds a case for further easing. Retail data on Thursday also suggested consumer demand could do with a booster, with sales down 0.1% month-on-month in July, missing the 0.4% rise forecast by analysts.
