The Australian dollar fell to the weakest level in more than a month against its U.S. peer after the nationâ€™s home-building permits fell by the most in a decade.
The Aussie declined to a nearly two-month low against the euro as Chinaâ€™s Shanghai Composite Index (SHCOMP) slipped to its lowest level since February 2009. China is the nationâ€™s largest trading partner. New Zealandâ€™s dollar weakened versus 13 of its 16 most- traded counterparts as global stocks and commodities dropped.
â€œWe continue to hold some Australian dollars, but itâ€™s certainly not as attractively priced since there are more headwinds now,â€ Axel Merk, founder and president of Merk Investments LLC in Palo Alto, California, said on a radio interview on â€œBloomberg Surveillanceâ€ with Tom Keene and Ken Prewitt. â€œWe tend to be more positive on the China story that is very closely linked to Australia. But, by all means, there is some slowing down happening in Australia.â€
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