The Australian dollar dropped versus the Japanese yen and fluctuated against the US dollar after reaching the monthly low as the report showed that Australia’s economic growth slowed last quarter.
Australian gross domestic product rose 0.4 percent in the fourth quarter of 2011, compared to the advance by 0.8 percent in the previous three months and the median forecast of 0.7 percent. Nation’s current account deficit widened from A$5.8 billion in the third quarter of last year to A$8.4 billion in the fourth quarter. Moreover, economists predict that tomorrow’s report will show that Australian employment growth slowed and unemployment rate rose.
AUD/USD traded at 1.0566 as of 9:26 GMT today after falling from 1.0554 to 1.0509 — the lowest level since January 25. AUD/JPY was at 85.29 following earlier drop from 85.38 to 84.79 — the lowest since February 22.
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