No respite ahead for luckless Aussie

MARKET NEWS

SYDNEY -- The Australian dollar has taken a beating in the foreign exchange markets recently, dipping below US$0.50 for the first time in its history last week. Analysts say the currency is set for further downside.

"There is no real event in the near-term that will be positive for the Australian dollar," James Shugg, senior economist at Westpac Banking Corp in London told FX Week. "The key for a turnaround would be the market down-grading its view on US economic growth."

Shugg said expectatio