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Slipping Aus$ brings bad tidings for wool exports

21
May '10
The worsening financial situation in the European Union has seen the Australian dollar drop against the US dollar over the past few days and has slipped by 7 cents during the month.

According to experts, this could mean a slowdown in wool sales as buyers; particularly the Chinese, who may adopt a wait-and-watch attitude on expectations that the Australian dollar may fall further.

This is so, because a further drop against the US dollar would mean that wool can be purchased cheaper, by the Chinese, who are the biggest customers of Australian wool in the world.

Fibre2fashion News Desk - India


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