Australian investors are strapping themselves in for another horror day of trade, in the wake of massive overnight losses on Wall Street and currency markets.
According to AAP, US stocks fell by almost 7pc overnight to their lowest level in five years.
In what could set the tone for trading today, investors were abandoning anything with associated risk, and moving their money to safe-haven investments like gold.
Gold futures rose by almost 4pc to $US866.20 per fine ounce.
Foreign markets also started factoring in today's predicted 0.5pc cut in interest rates, sending the value of the Aussie dollar dramatically south.
It lost a further four cents against the greenback to now buy just US70c - a long way from the US96c it was buying just two months ago.
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