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Australian Dollar Remains Lower on European Slump Concern

“The Australian dollar remained lower before a report forecast to show French consumer confidence fell amid concern disagreement among the euro region’s leaders is curbing prospects for growth.

Demand for the so-called Aussie and the New Zealand currency was limited after a senior ally of German Chancellor Angela Merkel said Spain’s Prime Minister Mariano Rajoy must stop prevaricating and decide whether the country needs a full rescue. The South Pacific nations’ currencies briefly gained after a leading indicator for China’s economy rose.

“Markets are still cautious,” said Alvin Pontoh, a Singapore-based strategist at TD Securities Inc. “Europe is still going to be the key event this week. If we see a not-so- favorable outcome from Spain, we could see the Aussie come down.”

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