Mon Apr 07 08:50:00 UTC 2025: ## Australian Dollar Plunges Below 60 US Cents for First Time Since COVID-19 Pandemic
**Sydney, Australia –** The Australian dollar (AUD) fell below 60 US cents for the first time since the COVID-19 pandemic on Monday, marking its largest single-day drop in 17 years. This significant devaluation occurred despite a weakening US dollar, a departure from typical market behaviour.
The dramatic fall is attributed to investor concerns over a potential global recession, triggered by US President Trump’s announcement of new tariffs. This led to a massive sell-off of stocks worth trillions of dollars, impacting currency markets globally.
ANZ Bank reported the AUD’s fall as its largest single-day drop since 2008, citing fears about global economic growth fueled by the tariff announcements. At one point, the AUD briefly touched 59.33 US cents before recovering slightly to 59.95 US cents by 9:45 am AEST.
The last time the AUD consistently traded below 60 US cents was between mid-2000 and early 2003, when it even dipped below 50 US cents. While the AUD briefly fell below 60 cents in March and April 2020, Monday’s drop represents a significant and sustained decline.
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