The Australian dollar slumped to its lowest levels in three months Friday, following comments by the country’s central bank governor, making it the worst performing top-10 currency globally in the last 24 hours.
Reserve Bank of Australia Gov. Glenn Stevens told the Australian Financial Review in an interview, published Friday that the currency made a lot more sense trading in the mid US$0.85 cent region, rather than US$0.95.
Mr. Stevens said he would prefer to see stimulus delivered to the sluggish economy through a lower currency, rather than through further cuts to interest rates, which are already at record lows.
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