The
Australian dollar hit a six-year low before a report forecast to show
slowing domestic economic growth amid signs of a slump in China.
The
currency fell as low as 70.13 U.S. cents and looks poised to break
below 70 cents for the first time since April 2009. It has dropped 4
percent over the past month, the biggest loss among Group-of-10
currencies, as stocks slid.
The
currency fetched 70.18 U.S. cents as of 8:03 a.m. in Tokyo from 70.19
in New York on Tuesday. It rose 0.2 percent to 83.93 yen.
China’s
official Purchasing Managers’ Index dropped to 49.7 for August, the
weakest in three years, a report showed Tuesday. Numbers below 50
indicate contraction.
The
Australian economy probably expanded 0.4 percent in the three months
ended June 30 from the first quarter, when it grew 0.9 percent, a report
Wednesday is forecast to show, according to economists in a Bloomberg
survey.
Reserve
Bank of Australia Governor Glenn Stevens and his board kept the cash
rate at a record-low 2 percent on Tuesday, as predicted by markets and
economists following reductions in May and February.
Source : Bloomberg
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