The Australian dollar is falling as the government is releasing the annual budget, which includes forecasts for the next few years. As expected, this release has a big impact on the Aussie.
AUD/USD dropped from around 0.9975 to 0.9955. Update: the pair hits new lows at 0.9931.
The budget deficit for 2012/13 is now expected to hit 19.4 billion Australian dollars against a surplus of 1.1 billion seen in October
In 2013/14, the deficit is expected to stand to 18 against a surplus of 2.2 billion expected earlier.
GDP is expected to stand at 3% in 2012/2013, drop to 2.75% in 2013/14 and rise again to 3% in 2014/15.
The unemployment rate is expected to stand at around 5.75%. For more, see the AUDUSD forecast.
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