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Australian money

The Australian dollar has slipped below parity overnight, falling close to its lowest level since March this year.

The dollar is currently worth 97.52 US cents, slipping from US$1.18 yesterday afternoon.

According to The Australian, the dollar traded as low as 96.96 US cents at one point during the night.

The fall is being attributed to a mass pull out by investors that saw US stocks slide, as well as the Federal Reserve’s negative outlook yesterday, which has sparked fresh concern that a global economic slowdown is on its way.

Yesterday, the dollar slipped below parity briefly thanks to flat results from the Chinese manufacturing market. The HSBC China Manufacturing Purchasing Managers Index fell from 49.9 in August, to 49.4 this month, creating concern the second-largest economy in the world is slowing.