Australian dollar hits three-year high, Treasury Wine Estates among ASX losers

Treasury Wine Estates, the winemaking giant behind the Penfolds label, will be among the ASX’s biggest losers amid the rapid appreciation of the Australian dollar, which has risen to its highest level in three years.

But the country’s largest winemaker won’t be alone in facing a currency hit as a weaker US dollar makes products imported from Australia more expensive and weighs on earnings recorded in the United States.

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