SYDNEY: Australia’s dollar may drop to a nine-year low of 67 US cents as the central bank is set to become even more dovish and lean more toward cutting interest rates, according to money manager Hexavest Inc.
The Montreal-based unit of Eaton Vance Corp is “underweight” the currency, saying poor consumer confidence and a weak housing market mean the Reserve Bank of Australia will be left behind by peers such as the Federal Reserve which is set to hike three or four times in 2019.
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