The Australian dollar hovered at a four-year low early on Wednesday, having been singled out by sellers in an otherwise aimless currency market ahead of the U.S. Thanksgiving holiday.
The Aussie dropped almost a full U.S. cent to as far as $0.8514, reaching a low not see since July 2010. It has now given back half of its 2008-2011 rally from around $0.6000 to $1.1100.
Comments from Reserve Bank of Australia Deputy Governor Philip Lowe contributed to the selling, although his remarks about the currency being overvalued was something the central bank has been saying for months.
CNBC
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