It follows on from last week's disastrous 8.9pc fall, and comes amid predictions that market could go as low as 660c/kg.

According to AWEX, this week's falls were across all markets:

* the northen indicator lost 37c/kg (-4.6pc) to now stand at 760c/kg;

* the southern indicator lost 15c (-2.0pc) to finish at 721c/kg; and

* the western indicator fell by 14c/kg (-1.9pc), finishing the week at 715c/kg.

AWEX reports there were 40,485 bales were on offer, compared with 57,149 bales last week, of which 21.1pc were passed in.

Some 8189 bales (16.8pc) were withdrawn prior to sale and re-offered bales made up 12.1pc of this week's offering.

The chaos on the currency markets has not helped the situation, with the US exchange rate 4.69c lower on Monday when compared with Thursday of last week. It was then down by a further 0.72c on Tuesday, up by 2.54c on Wednesday and up another 4.73c on Thursday to close at 68.49c, up 1.86c (+2.8pc) since the last sale.

The exchange rate against the Euro fell by 0.19 Euro cents (-0.4pc) to close at 51.86 Euro cents on Thursday night.

When looked at in other currencies, the AWEX EMI moved down by 4c (-0.8pc) in US terms and by 15c (-3.8pc) in Euro terms when compared with the previous sale.

However, AWEX says the week finished on a better note with signs of better more interest from Europe and prices going up in US currency by 29c/kg on Thursday.

But it is not clear why this rise occurred.

AWEX says it may have been associated with the rate cuts in China and the United States during the week and the knock on effects they had on share markets and confidence.

Unfortunately, the lift in the US exchange rate on Thursday meant that the rise did not flow to growers.

Sales will be held in Newcastle, Melbourne and Fremantle next week, when 52,482 bales are currently rostered for sale.