The Australian dollar has edged slightly higher, but an economist has warned that it could drop further.
The initial prediction was for a low of $70 US cents in early 2016, but a decline in trading — which saw the currency trading at 70.20 US cents on Friday morning — forced a revision.
Mr Boyton said the dollar could hit 50 US cents by the end of the year.
“I wouldn’t be surprised if the Australian dollar is printed with a ‘five’ handle in the next three years … an I don’t think the Australian dollar is likely to rise until at least 2017 or 2018.”
This week, the national currency dipped below 70 US cents for the first time in six years.
The Aussie dollar had already tumbled about 20 per cent in the past year.