The Australian dollar and the domestic sharemarket fell sharply on 9 November 2016, in response to the election of US presidential candidate Donald Trump. The S&P/ASX 200 reached an intra-day low of 5,052.1 before closing down 1.9 per cent at 5156.6. In the US, S&P 500 futures initially fell by more than five per cent, which resulted in a temporary suspension of trading. Some analysts expect “risk-off” trading to be sustained for some time, while the prospect of an interest rate rise in the US in December appears to have diminished. The Australian dollar reached a low of $US0.758 in local trading, and Westpac’s Robert Rennie says it could fall below $US0.74 in the near-term.
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