The Australian dollar’s longest rally in more than six years faltered amid concern an economic slowdown in China will worsen.
The
Aussie weakened against all 16 of its major peers before a report
Tuesday that may show a further slump last month in imports into China,
the South Pacific nation’s biggest trading partner. The currency had
surged in the previous nine days as traders pushed back expectations for
an interest-rate hike by the Federal Reserve and emerging markets
recovered. Reserve Bank of Australia Deputy Governor Philip Lowe said
Tuesday in Sydney that interest rates are less effective than they used
to be.
Australia’s
dollar declined 0.2 percent to 73.46 U.S. cents at 9:03 a.m. in Tokyo
after appreciating by 5.4 percent in the previous nine days, the longest
winning streak since March 2009.
Source: Bloomberg
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