The Australian dollar is on track for its worst one-day fall in nearly two years following Reserve Bank boss Philip Lowe’s comments a rate cut was likely with growing concerns over the local economy.

The Aussie dollar fell 1.35 US cents in the 24 hours between midday yesterday and today in response to the RBA governor’s admission the economy may be weaker than expected.

It was buying 71.03 US cents at noon and economists say it will crash well below 70 US cents if the rate is cut, with one expecting a fall as low as 65 US cents.

By: James Hall

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