Australia’s dollar slid versus its major peers after data showed the nation’s unemployment rate climbed to a three-year high, fanning speculation the Reserve Bank will lower borrowing costs to support growth.
Australia’s dollar declined against most of its major peers after a preliminary survey showed China’s manufacturing is expanding at a slower pace, dimming the outlook for South Pacific nation’s exports.
The Australian dollar fell for a fourth straight week versus its U.S. counterpart as European leaders’ struggle to agree on measures to resolve the region’s debt crisis curbed demand for higher-yielding assets.
The dollar weakened versus most of its 16 major counterparts on speculation signs of weakness in U.S. employment will encourage the Federal Reserve to sustain monetary stimulus that tends to debase the currency.
The yen held gains from yesterday versus most of its major counterparts as declines in Asian stocks and concern about Greece’s ability to complete a debt swap supported demand for the currency as a refuge.