# Coronavirus Australia: Mad scramble for greenbacks hits Aussie dollar

> The Australian dollar fell below 60 US cents, its lowest level since 2003, as a global scramble for US dollars created a shortage. The fall of about 10 per cent in under a fortnight reflects both the coronavirus hit to China's economy and Australia's looming recession.

- Date: 2020-03-18 · published 2020-03-18T12:00:00.000Z
- Category: macro · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/54366-coronavirus-australia-mad-scramble-for-greenbacks-hits-aussie-dollar
- Commodities: [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md)

## Why it matters

A sharply weaker Aussie dollar lowers the cost of Australian grain, meal and barley exports for dollar buyers, which can pressure world prices. Weak China demand also reduces import needs for Australian raw materials.

## Read by commodity

- AUDUSD: bearish ▼

## Sources

- smh.com.au: https://www.smh.com.au/business/markets/hoarding-traders-a-mad-scramble-for-greenbacks-hits-the-aussie-dollar-20200318-p54bae.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.