Australian Currency Reaches Lowest in a Month After Election
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Australia’s dollar touched the lowest level in a month against its U.S. counterpart after the nation’s federal election failed to deliver a majority government for the first time in 70 years.
The currency, known as the Aussie, weakened as neither Australian Prime Minister Julia Gillard nor opposition leader Tony Abbott gained an outright majority in the Aug. 21 vote, meaning negotiations with independent lawmakers are needed to form a government. The Aussie advanced briefly as global stocks rose on investor optimism amid more than $1 trillion in takeovers this year. It gave up gains as U.S. equities later fluctuated amid speculation the economy is faltering.