The Commonwealth Bank has warned that the Australian dollar is at risk of a violent reversal if US President Donald Trump follows through with his punitive tariffs on major trading partners.
The local currency sank 1 per cent to as low as US64.86¢ overnight as traders reacted to Trump’s threat to slap an additional 10 per cent tariff on any country aligning themselves with “the anti-American policies” of BRICS – a group of nations that includes Brazil, China, South Africa and India.
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