Economists scramble to revise projections for dollar
![The most bearish forecasters say the Australian dollar could head towards US50¢.](/web/20150905115255im_/http://www.smh.com.au/content/dam/images/g/j/e/a/j/g/image.related.thumbnail.192x128.gjf0u9.12uo4t.png/1441410877902.jpg)
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.
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Copper and other industrial metals fell on Friday, unnerved by prospects of an increase in US interest rates.
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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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