The currencies of
Australia and New Zealand retreated following gains of at least 1
percent Friday, after disappointing trade data in China deepened concern
that demand for commodities will weaken in their biggest export market.
Australia’s dollar had
the steepest decline among major currencies against the greenback on
Monday, after reports in China over the weekend showed exports shrank
five times more than economists estimated and producer prices fell by
the most in almost six years. The Aussie and kiwi had dropped last month
as commodities plunged and bets increased that the Federal Reserve will
raise interest rates next month.
Australia’s dollar
declined 0.3 percent to 73.96 U.S. cents as of 11:42 a.m. in Tokyo on
Monday. The currency rallied 1.5 percent last week after hitting a
six-year low of 72.35 on July 31. New Zealand’s currency depreciated 0.1
percent to 66.17 cents, after advancing 1.1 percent on Friday.
China’s overseas
shipments fell 8.3 percent from a year earlier in dollar terms, the
customs administration said Aug. 8. The reading was well below the
estimate of a 1.5 percent decline in a Bloomberg survey. The country’s
producer-price index fell 5.4 percent year-on-year last month, the
National Bureau of Statistics said the following day.
Source: Bloomberg
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