The Australian dollar is 'smashed' and teetering over the US 70c precipice

The dollar's fall of more than 35c from its recent peak is substantial and it's easier to make the case for further falls than for a quick recovery

The Australian dollar has been in freefall.

"Smashed" was the description from a foreign exchange trader friend noting that since the peak of US$1.1080 during 2011, the dollar is now below US 75c and many strategists are now forecasting a fall below US70c and with a real risk of US60c over the next year.

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