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History Lookback at AUD/USD: 2008-09 Crisis
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The drop in the AUD/USD exchange rate in July 2008 was primarily caused by the global financial crisis that began in the United States. This crisis was triggered by the collapse of the housing market and the subsequent defaults on subprime mortgages, which led to a wave of bank failures and financial market turmoil around the world.

As investors sought safe-haven assets, the US dollar strengthened against most other currencies, including the Australian dollar. Additionally, concerns about the impact of the global financial crisis on the Australian economy and its exports, particularly to China, also contributed to the decline in the AUD/USD exchange rate.

During July 2008, the AUD/USD exchange rate fell from around 0.96 to around 0.88, a decline of about 8%. The decline continued in the following months, with the exchange rate reaching a low of around 0.60 in October 2008 before beginning to recover.

The recovery time for the AUD/USD exchange rate to return to its pre-global financial crisis levels took several years. The exchange rate reached a low of around 0.60 in October 2008, but it did not return to pre-crisis levels until late 2010. It's important to note, however, that the global financial crisis had a significant impact on the global economy, and its effects were felt for several years after its onset.

In terms of the percentage drop, the AUD/USD exchange rate fell by more than 30% during the global financial crisis. From its high of around 0.98 in July 2008, the exchange rate fell to a low of around 0.60 in October 2008, a decline of more than 38%. The exchange rate gradually recovered in the years following the crisis, reaching pre-crisis levels of around 0.98 in late 2010.

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