The battered Australian dollar hit a three-year low of $0.90 on Thursday, and there seems no end to its vicious slump, with some analysts pointing to a 20 percent decline in the coming years.
"70 (U.S.) cents here we come," said Bill Smead, chief executive officer and chief investment officer of Smead Capital Management, who expects the Aussie dollar to trade at that level in the next two years.
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"We're avoiding anything commodity related," he said, referring to the currency's close correlation the resources sector, which has suffered a broad selloff this year on concerns of a China slowdown.
The Australia dollar, already down 14 percent so far this year, is having a particularly hard week on dovish comments from the Reserve Bank of Australia governor Glenn Stevens on Tuesday, which have led to markets now pricing in not just one, but two interest rate cuts by the year-end, according to Reuters.
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The bank is set to meet next week and the consensus view is that it will cut interest rates by 25 basis points to a record low of 2.5 percent.