Australian Dollar Briefly Rebounds After Falling Below 60 US Cents

The currency hit a 17-year intraday low of 59.33 US cents, driven by global recession fears tied to US tariffs, before recovering slightly.

The Australian dollar dropped below 60 US cents for the first time since the COVID-19 pandemic, reaching a low of 59.33 US cents on April 7, 2025.
This marks the currency's largest intraday decline since 2008, reflecting heightened global economic instability.
The fall is linked to fears of a global recession following US President Donald Trump's announcement of new tariffs, including a 10% levy on Australian imports.
Prime Minister Anthony Albanese has ruled out imposing reciprocal tariffs, emphasizing a cautious approach to trade tensions.
The Australian dollar has since recovered slightly, trading at 60.04 US cents later in the morning, but remains under pressure from ongoing market uncertainty.