The Australian share market has today continued its rapid descent with the benchmark S&P/ASX 200 (INDEXASX: XJO) trading 0.5% lower. It marks the index's seventh consecutive day in the red in which time it has declined a total 4%.
Of course, there are many factors that could be fuelling the decline, although it seems likely that a tumbling Aussie dollar and speculation over U.S. interest rates could be amongst the most salient. The Australian dollar is now sitting firmly below the US90 cent level indicating that more and more foreign investors are withdrawing their money from the Australian market and instead injecting it into that of the United States.
Commonwealth Bank of Australia (ASX: CBA) has been hit hard as a result given its strong run-up in recent years. Commonwealth Bank has now declined 5.5% over the last six days while Westpac Banking Corp (ASX: WBC) is down 5.8%. National Australia Bank Ltd. (ASX: NAB) has suffered even worse, with its stock falling for 11 days straight with a total decline of 6.8%.
The tumbling iron ore price is also leaving its mark on the overall market. The nation's largest miners of the commodity, including BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG) have also acted as a considerable weight on investor sentiment.
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