The Australian Dollar sees its biggest one-day fall since deregulation in 1984. Friday showed a plunge against the U.S. Dollar and the Japanese Yen as carry trades were unwinded. Commonwealth Bank of Australia currency strategist Besa Deda said theres an ongoing retreat to safety as trouble among funds and investment banks exposed to subprime-related losses squeeze credit markets. 'The Aussie dollar remains under downward selling pressure because of the heightened risk aversion,' Deda said.
In the foreign exchange on friday, the Australian Dollar was down trading at 78.92 U.S. cents compared to an earlier trade of 80.05 U.S. cents. Against the Japanese Yen it was down to 86.080 compared to a previous trade of 91.59.
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