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In just one week the AUD has fallen over 7% vs. the USD to levels in line with the 2008 low. If the crisis fails to show signs of abating AUD/USD is likely to have further to fall, in the opinion of analysts at Rabobank.

Key quotes

“It is likely that the bottom for AUD/USD will only be reached once demand for USDs softens.” 

 “Further policy actions from the Fed or a large fiscal stimulus from the US are likely to be important measures in propping up risk appetite and tempering USD demand.”

“We have revised lower our 3 month AUD/USD forecast to 0.55.”