The Australian dollar on Monday dropped to its lowest level in five years, caused by the growing concerns that the global trade war could lead to a worldwide recession.

These worries have led some traders to expect larger-than-usual interest rate cuts in Australia. Meanwhile, attention is turning to New Zealand, where the Reserve Bank is set to meet on Wednesday.

With global uncertainty still high, market indicators suggest there is a 22% chance the central bank could cut interest rates by 50 basis points for the fourth time in a row,

© International Business Times