The battered Australian dollar traded near multi-year lows against the greenback, euro and British pound on Monday and analysts say the Australian central bank's wish to see the Aussie dollar at $0.85 may soon come true.
In early Asian trade on Monday the Aussie was at $0.8850, pulling closer to its recent three-and-a-half-year low of $0.8820, as signs of improvement in the U.S. economy boosted expectations that the Federal Reserve will continue to taper its asset purchase program.
(Read more: Sit up and take notice, Aussie pain is here to stay)
The currency was also pummeled by the British pound and the euro. On Monday it traded at A$1.5523 per euro, near a four-year low of $1.56 per euro hit last week, and A$1.8620 per pound, a level not seen since 2009, as investors shifted funds away from emerging markets to Europe and the U.S..