Australia’s Dollar Weakens with Stocks on European Crisis

The Australian dollar sank against other major currencies today as stocks dropped on growing concerns about the European debt crisis.
Standard and Poor’s downgraded outlook for Italy’s debt rating to negative from stable. The MSCI Asia Pacific Index of shares fell as much as 2 percent, heading for the biggest drop since March 15, while the Nikkei 225 Stock Average tumbled 1.5 percent. The Aussie slipped also as the data showed that China’s and European Union’s manufacturing slowed.
AUD/USD fell to 1.0514 from 1.0640 as of 11:05 GMT today.

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