The Australian dollar (AUD) has fallen to its lowest level against the US dollar (USD) since the pandemic, amid a strong US dollar and a weakening Chinese economy.

The AUD/USD exchange rate fell below 0.65 on Thursday, approaching its lowest level since March 2020.

There are a number of factors driving the decline in the AUD/USD exchange rate. One key factor is the Federal Reserve's aggressive interest rate hikes. 

The Fed has raised interest rates by 300 basis points this year in an effort to combat inflation, which is at a 40-year high in the US.

The Fed's interest rate hikes have made the USD more attractive to investors, as they can now earn a higher return on their investments in US assets. This has led to capital outflows from Australia, which has weighed on the AUD.

Another factor contributing to the fall of the Australian dollar is the weakening Chinese economy. China is Australia's largest trading partner, so a slowdown in the Chinese economy can have a significant impact on the Australian dollar.

The fall of the Australian dollar is likely to have a mixed impact on Australian consumers and businesses.

On one hand, a lower Australian dollar will make imports more expensive. This could lead to higher prices for goods and services for Australian consumers.

On the other hand, a lower Australian dollar will make Australian exports more competitive. This could boost demand for Australian exports and lead to higher profits for Australian businesses.

Overall, the AUD's fall to its lowest level since the pandemic is a reflection of the challenging global economic outlook.

Analysts say that the AUD could continue to fall in the short term, as the factors driving its decline are likely to remain in place. 

However, they also note that the AUD is a cyclical currency, and it should rebound once the global economy recovers and Chinese demand picks up.

Perhaps the ski trip overseas is on hold this year?