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The Australian dollar came under renewed pressure on Thursday as risk-shy investors and hedge funds bailed out of leveraged trades in everything from equities to commodities and emerging markets. The Aussie dollar eased to $0.6643, from $0.6675 late in New York on Wednesday, having dropped as low as $0.6598 at one point.
Traders said markets were extremely thin and volatile with no-one brave enough to buy. The Japanese yen was again the major gainer as Japanese investors repatriated funds to cover losses at home. The Nikkei share index fell over 3 percent, while the Australian market shed 4.4 percent.
The Aussie slipped to 64.69 yen, from 65.12 in New York, but having already lost 40 yen in three months, traders suspected there are few long Aussie positions left to liquidate. The Aussie fared a little better against the euro and sterling, which had recession worries of their own. It also gained on the New Zealand dollar after the Reserve Bank of New Zealand cut rates by 100 basis points to 6.5 percent, its largest easing ever.

Copyright Reuters, 2008

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