Today, the Australian dollar declined for the fourth day in a row against the US dollar and the sixth session versus the Japanese yen. Economic data from Australia was mixed, giving no edge to the currency, while China remained a major source of concerns for investors.
Australia’s building approvals sank 12.7 percent on a seasonally adjusted basis in November, ten times the drop predicted by specialists. On the bright side, the trade balance deficit shrank to A$2.91 billion in November from A$3.25 billion in October. Meanwhile, worries about the failing economic growth of China, the main trading partner of Australia, continued to hurt the Aussie and other growth-related currencies.
AUD/USD dropped from 0.7071 to 0.7029 and AUD/JPY tumbled from 83.75 to 82.70 as of 10:08 GMT today.
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