Australian dollar hits fresh 33-month low

By a staff reporter

The Australian dollar dropped to fresh two-and-a-half year lows in morning trade, before recovering slightly during thr early afternoon session.

At 1325 AEST, the local currency was trading at 94.26 US cents.

In earlier trade, the Australian dollar dropped as low as 93.94 US cents, its lowest point since October 2010.

The move comes despite the Australian stock market being closed for the Queen's Birthday public holiday and ahead of the release of May's labour force report later this week, seen as the next major domestic mover for the Australian dollar.