Aussie dollar tumbles to new six-year low; Bart Cummings farewelled at state funeral: Midday Roundup

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The Aussie dollar has fallen further to a new six-year low off the back of mixed jobs data from the United States.

This morning the Australian dollar tumbled below 70 US cents, hovering at around 69 cents just before midday.

Ric Spooner, chief market analyst for CMC Markets, said in a statement the currency drop reflects market uncertainty but is nonetheless good news for local exporters.

“Aussie Dollar weakness reflects a ‘risk off’ sentiment in international markets, particularly when it comes to commodity currencies,” Spooner said.

“A solid set of US jobs data also contributed to the Aussie falling against the US. The weaker currency should, however, be a source of relative support for Australian export companies and those with significant off shore operations that report in US dollars.”

Bart Cummings farewelled at state funeral

 

Legendary horse trainer Bart Cummings was farewelled at a public service at Sydney’s St Mary’s Cathedral today.

Bart’s son, Anthony Cummings, described how his father had become an Australian legend in his eulogy, according to the ABC.

“Dad spent time with king and queens, prime minister, premiers and the common man,” Cummings said.

“[He] treated all equally and gave them time. In the end, dad was more than a horseman. An icon, a legend, all of that. Built from flames and hardship to go with success. Bob Hawke described him as a great and good Australian. Enough said.”

Shares down on open

 

Aussie shares are trading lower this morning following a poor showing from Wall Street over the weekend and continued market uncertainty.

Ric Spooner, chief market analyst for CMC Markets, said in a statement this week will be marked by caution as traders wait for the re-opening of China’s stock markets.

“Another round of selling with sharply lower prices in US and European markets on Friday makes it difficult for investors to be confident,” Spooner said.

“In this context, China’s stock market has the capacity either to fuel concerns if it falls further today or to allay fears, if it rallies after weekend comments from authorities that the stock market rout is close to ending. The sharp drop in the Aussie Dollar at the end of last week also has potential to influence stock market trading.”

The S&P/ASX200 benchmark was down 0.22%, falling 10.9 points to 5029.7 points at 11:36am AEST. On Friday, the Dow Jones closed down 1.66%, falling 272.38 points to 16,102.38 points.

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Broede Carmody is a former senior reporter at SmartCompany. Previously, he was a co-editor of RMIT University's student magazine Catalyst.

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