Copper prices holding up the market in Australia.

«The Australian dollar has fallen strongly in recent months, which has made it hard for consumers to switch to alternative currencies such as Australian dollars or Canadian dollars,» said Mr. Gao. «Australia’s economy is not a commodity or currency trader but rather a consumer of goods and services, so any deterioration in that trade will have a negative impact on local retailers and consumers.»

While the drop in the Chinese yuan has already been felt, the fall could be felt further, too.

«As China has taken a closer lo여수출장마사지ok at the Australian dollar’s weakness, some of the Asian countri진주안마es with which it does business are likely to take more aggressive measures in a bid to boost their exports, according to UBS,» Mr. Gao said.

UBS points out that for the past 12 months, «the Chinese currency has been in double-digit falls,» adding that as a result, the Australian dollar has been in one of the stronger recoveries in almost all advanced markets.

«This could be particularly important for the Australian economy, which has benefited from a high degree of trade with China as a result of the China-Canada free trade agreement,» Mr. Gao said.

The Australian dollar has fallen 9.45% from its peak of $US6.22 an ounce in mid-November to the current trade value at $US5.52. On the day the Chinese currency traded against the Canadian dollar, the Australian dollar was down nearly 13%. The U.S. dollar is up 8.5% from its peak and, of course, the eur바카라 사이트o is down 20%.

The drop in the Chinese yuan as a result of the devaluation could have a particularly nasty effect on the Australian economy, as China is one of the world’s largest importers of energy and manufactures, which are also major industries in the world.

As China continues to devalue its currency, more jobs opportunities will become harder to come by, especially as the U.S. dollar strengthens.

«The longer this is going on, the greater the potential for it to create a downward trend for the global dollar, and that will increase the pressure on Australia,» Mr. Gao said.

For now, Australia’s dollar has still been able to trade at an average of around about $US12.20, which is around $US13, with higher gains occurring around the world, such as in North America.

«It doesn’t make that much differenc