The Australian and New Zealand dollars fell against their major peers after imports unexpectedly declined in China, the biggest market for both South Pacific nations.
The Aussie and kiwi reversed two-day rallies against the greenback. A decline in Australia’s consumer confidence also weighed on the nation’s currency. The kiwi’s weakening was limited as the finance minister said it’s certain the nation’s interest rates will rise.
“Aussie pretty much fell out of bed,” said Annette Beacher, Singapore-based head of Asia-Pacific research at TD Securities. “While everyone does accept that China is slowing, there still seems to be shock value when China data disappoints.”
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