Australian dollar falls below US71c after Reserve Bank turns 'dovish' on economy

The Australian dollar has fallen sharply since the Reserve Bank's decision on Tuesday to keep interest rates on hold.The dollar also experienced steep falls to 53.83 British pence , 63.09 euro cents , and 78.72 Japanese yen .RBA governor Philip Lowe's post-meeting statement"The board will continue to monitor developments and set monetary policy to support sustainable growth in the economy and achieve the inflation target over time," he said.

In particular, analysts noticed Dr Lowe did not mention the Australian economy growing at 3 per cent this year — a subtle omission compared to his previous statements — and spoke of a divergence between labour market and GDP outcomes. Meanwhile, the Australian share market is expected to open moderately higher, with ASX futures indicating an early gain of 0.5 per cent.

European markets were stronger overnight. London's FTSE jumped 1 per cent despite the Brexit parliamentary chaos, and Germany's DAX rose 0.6 per cent. On Wall Street, investors are exercising more caution after US markets surged in the past three trading days.The tech-heavy Nasdaq lifted by a slight 0.25 per cent, while the benchmark S&P 500 was flat.

be good for our exporters if we had any. how low did it go under howard? 67c?

So nothing to do with the budget as presented last night?

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