template article title Australian Financial Report article title Aussie dollar falls to its lowest level in six months article title The Australian dollar has fallen to a three-month low against the US dollar after the US Federal Reserve announced its next monetary policy meeting.
Australian dollar was trading around 88.20 US cents to the US greenback at 11:20 AEST.
US dollar was hitting a six-month high against the Australian dollar.
The US Federal Bureau of Investigation (FBI) said in a statement that it would consider whether to ease its stimulus measures and extend its monetary stimulus programme in November or December.
The Federal Reserve is expected to raise interest rates at its next meeting in February.
The Australian Dollar was trading at $US1.3567 (AUS$1.4216) in New York.
The euro rose to $1.3678 (€1.4572) from $1,367.25 (€949.40) at 11.21 a.m.
The Japanese yen was trading in yen at ¥11.19 (¥11.24).
The Chinese yuan rose to ¥11,611 (¤11,838.50) from ¥11 the previous session.
The Australian dollar also fell to its weakest level against the Chinese Yuan since August 2016.
Australia’s mining boom is on the verge of bust, as mining firms face new capital requirements after being forced to pay millions in dividends as the Australian mining boom has peaked.
“The Australian economy is in serious trouble.
I think we have seen the beginning of the end of that boom,” Paul Newman, who heads the ABC business newspaper’s economics department, said.
Paul Newman, chairman of ABC’s economics unit, said Australia’s mining industry was in serious straits after its last-minute investment dividend payments last week.
The mining boom in Australia peaked in 2014 and is now in its third year.
It is believed that the industry could see a capital shortfall of up to $300 million, the ABC reported.
In its statement, the Federal Reserve said it would take into account the effect of the new tax on dividends and its impact on its bond-buying program.
According to the Australian Bureau of Statistics, the mining industry employs over 100,000 people in Australia, and about 30 per cent of them are women.