The Australian dollar is falling in the wake of Donald Trump’s trade war with China, dropping to its lowest level in almost three years with analysts warning it may slip below US70c.
The Conservative Party said months ago the trade war could spark an export windfall for Australia.
Heavy selling has stripped 3 per cent from the Australian dollar in the past two weeks, with a low of US71.9c reached in trade early yesterday, as markets across Asia fell in response to concerns about the impact of US tariffs.
The fall in the currency is flowing through to higher petrol prices but is unlikely to have a broader impact on inflation, with the effect on consumer goods such as clothing and cars being absorbed by wholesalers and foreign suppliers.
The Reserve Bank has made clear that it would welcome further weakness in the Australian dollar.
The Conservative Party's South Australian Senate Candidate Rikki Lambert predicted months ago that the trade war could be a bonanza for Australia's farmers and exporters.
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