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AAP
AAP
Business
Derek Rose

Aussie dollar, shares take a hit as US rate hopes fade

Jerome Powell Australian Dollar
The Australian dollar has plunged while local shares fell on a revised path for US interest rates. (Bianca De Marchi/AAP PHOTOS)

A white Christmas in the US is suddenly looking a bit more expensive for Australians who like to travel after the Australian dollar fell alongside the stock market.

The local currency plunged to a more than two-year low against its US counterpart on Thursday, while the Australian Securities Exchange's benchmark index suffered its biggest single-day drop since early August.

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