The Australian dollar has plummeted to a six-month low and could head further south, delivering the Reserve Bank the early Christmas present it's wanted for years.
The currency fell as low as 91.56 US cents on Wednesday afternoon, its lowest level since March 26, as the US dollar surges in strength.
It's a trend that's been developing for the past two months, as investors sell the euro, pound and yen and take their money to the greener pastures of the greenback, Western Union Business Solutions currency strategist Steven Dooley said.
Interest rate cuts by the European Central Bank and investor caution ahead of the referendum on whether Scotland should be independent had made the US and Australian currencies more attractive to investors, Mr Dooley said.
But mounting speculation that the US Federal Reserve was moving closer toward hiking interest rates had seen the US dollar strengthen, he said.
Mr Dooley said the Australian dollar and Asian currencies had been largely unaffected by the strengthening greenback until a few days ago, following some disappointing figures out of China.
"It's been quite incredible the way the US dollar has just completely turned around over the last three months," Mr Dooley said.
"Finally the Aussie has wilted in the face of that US dollar strength and here we are at the six-month lows."
Since the Australian dollar had fallen below the key support level of 92 US cents, it could now potentially fall to 89 US cents by the end of September, depending on the outcome of the Scottish referendum and next week's US Federal Reserve meeting, he said.
RBA governor Glenn Stevens has repeatedly expressed his desire for a lower Australian dollar, around 85 US cents, to help achieve balanced growth in the economy.
Westpac senior currency strategist Sean Callow said the Australian dollar was being punished by market anticipation that the Fed will change its tune next week and take a slightly more positive view on the US economy, leaving the door open for an early rate hike.
But it's not all downhill from here for the Aussie dollar, he said.
"Super unattractive low interest rates across Europe have meant that anything that's got a higher yield, but doesn't have higher risk, such as the Aussie dollar which has a AAA credit rating, is going to be tempting," Mr Callow said.
"Our yields are still better than much of the world - if you want a higher yield than is on offer in Australia, you'd need to go for something quite risky, like Greece.
"To get the Aussie lower we'd need a sustained US dollar rally but that would take quite a while, I don't think next week's meeting would be enough."
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