Economists scramble to revise projections for dollar
Economists are scrambling to revise their projections for Australia's dollar after it sank below US70¢ this week, hitting a six-and-a-half-year low.
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The Australian dollar fell 1.6pc in New York trading on Friday as US labour data bolstered bets the Fed will lift interest rates this month.
People's Bank of China deputy governor Yi Gang said China's economic fundamentals are solid and the country's currency will be stable.
As far as the Federal Reserve is concerned, the American workforce is now fully employed.
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For tourism businesses the falling dollar is a godsend.
In a revamp of its fashion brands, Myer is rolling out Topshop concessions in 20 stores nationally.
Long used for hauling books, the humble backpack is undergoing a major overhaul.
Super funds want fees they pay to manage money halved, saying margins of 60 per cent are unacceptable.
The ASIC wants the federal government to ramp up the penalties for violating commercial law.
Copper and other industrial metals fell on Friday, unnerved by prospects of an increase in US interest rates.
Glencore posted the biggest weekly decline since it went public in 2011 as the selloff in mining shares showed no signs of slowing.
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The local head of banking giant HSBC has predicted future waves of Chinese investment in Australia will focus more on property and services industries.
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A local investor snapped up a two-level office building on a high exposure corner site at 242-246 Glenferrie Road for $3.67 million.
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Low level of rates is providing as much stimulus as the RBA wants, especially while the Australian dollar is still weakening.
Comment & Analysis
Economy neither wonderful nor woeful
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The China effect is still in the $A
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Undertakers do well burying corporate dead
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