Australia’s dollar fell versus all major peers before Chinese data tomorrow forecast to show growth in imports slowed to the least in three months, dimming the demand outlook for commodities.
The Aussie dropped against the dollar before a U.S. jobs report today that may help investors estimate when the Federal Reserve will start to reduce monetary stimulus. Australia’s government bonds extended their gains to a third day amid increasing bets the Reserve Bank will cut borrowing costs.
“We’re bearish on the currency,” said Andrew Salter, a currency strategist at Australia & New Zealand Banking Group Ltd. (ANZ) in Sydney, referring to the Aussie. It’s a little bit of a surprise that “Chinese growth is so sluggish,” he said.
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