We think commodities will have another big leg down, all the metals and oil, another big leg down — so the terms of trade story continues to deteriorate” for Australia 

-Said London-based Farrington, the managing partner at Macro Currency.

Australia’s dollar has already dropped more than 30 percent from a record high reached in 2011 as slowing Chinese demand halted a record mining investment boom and slowed windfall export earnings. Now investors are weighing the outlook as the central bank pauses after lowering benchmark rates to an all-time low and the Federal Reserve prepares to raise U.S. interest rates for the first time in a decade.