“The Australian dollar fell to a six- week low versus the greenback and dropped as much as 1.2 percent against the yen as concern thatEurope’s debt crisis is deepening sapped demand for higher-yielding assets.
Australia’s currency also weakened against 14 of its 16 major counterparts as Asian stocks declined and a government report showed construction work completed rose less than economists forecast. New Zealand’s dollar slipped from a three- week high as Finance Minister Bill English reiterated a strong currency is slowing the nation’s recovery.
“The European sovereign issue is hobbling the Australian dollar,” said Teppei Ino, an analyst at Bank of Tokyo- Mitsubishi UFJ Ltd. “Domestic data can hardly become a driver in this risk-off environment and the Aussie is just following broader moves across the world.”
Australia’s currency weakened 0.8 percent to $1.0480 as of 5:35 p.m. in Sydney from yesterday in New York after slipping to $1.0441, the lowest since April 13. The currency declined 0.8 percent to 85.83 yen. New Zealand’s dollar dropped 0.4 percent to 79.28 U.S. cents after rising to 80.16 cents yesterday, the highest since May 3. It depreciated 0.5 percent to 64.93 yen.”
“The Canadian dollar dropped to its lowest level in almost two months as crude oil fell. The loonie depreciated 0.2 percent to 97.90 cents versus the U.S. dollar after touching 98.16, the weakest level since March 28.”
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