Australian Dollar Touched Four-Year Low vs. Yen

The Australian dollar fell against its US counterpart today amid the risk-negative market sentiment and underwhelming economic data from Australia. The currency also dropped versus the Japanese yen, touching the lowest level in four years.
National Australia Bank reported that business confidence index eased from 5 to 3 in May. Economic data from China, Australia’s biggest trading partner, was also not encouraging. But the most negative factor for risky high-beta currencies remains the potential exit of Great Britain from the European Union.
AUD/USD dropped from 0.7386 to 0.7360 as of 16:29 GMT today, touching the low of 0.7330 intraday. AUD/JPY went down from 78.45 to 78.11, and its session minimum of 77.50 was the lowest rate since June 2012.

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