The Australian dollar fell for a second day against the yen after data showed consumer confidence was little changed from a two-month low, underscoring concern the South Pacific nation’s economy is weakening.
Demand for higher-yielding assets such as the so-called Aussie was tempered after the World Bank cut its global growth forecast for this year. The New Zealand dollar, known as the kiwi, dropped versus its Japanese peer as Asian stocks declined.
“We’ve seen over the last week that domestic data hasn’t been that good and the Aussie’s taken perhaps a slight hit,” said Derek Mumford, a Sydney-based director at Rochford Capital, a currency risk-management company. “I wouldn’t say today’s data reflects any kind of booming confidence.”
via Bloomberg
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