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The Australian dollar dropped below 84 US cents for the first time since 2010 as weak economic growth data escalated expectations of a rate cut.
On Wednesday, the Aussie traded at 83.99 US cents, down from Tuesday’s 85.16 US cents. The currency reached a low of 83.92 US cents, the weakest since July 2010.
The Australian economy grew by only 0.3% in the third quarter. Annual growth was at 2.7%.
"The Reserve Bank has been forecasting below trend growth but the numbers we got out today are well below forecasts and will probably come as a shock to the RBA board," said Chris Tedder, Research Analyst at Forex.com.
