The Australian dollar tumbled across the board on Tuesday as investors speculated that a sudden worsening of damaging floods in Queensland could crimp the economy and further put off any hike in interest rates. The Aussie plumbed to a four-week low of $0.9822, shedding more than one percent on the day on the US dollar.
The latest lurch lower in the Aussie cracked support at $0.9828 and now targets the December 8 low of $0.9752. The Aussie also struck a five-week low against the kiwi at NZ$1.2928 , having shed three cents in a week. The local currency was forced back from a near record peak on the euro, losing 1.5 percent to stand at A$1.3163 per euro. The New Zealand dollar slipped to NZ$0.7593, from about $0.7630 in early trade.