Canada’s Dollar Drops Against Australia’s as U.S. Shuts Down
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The Canadian dollar fell against its so-called commodity-currency counterpart in Australia as the U.S. government began its first partial shutdown in 17 years, imperiling growth in Canada’s biggest trading partner.
The currency, called the loonie, weakened against the majority of its 16 most-traded peers as debate looms on raising the U.S. debt ceiling within three weeks. Australia’s dollar climbed after the nation’s Reserve Bank left borrowing costs unchanged today. The U.S. dollar fell versus most major counterparts. A partial shutdown of the federal government would cost the U.S. at least $300 million a day in lost economic output at the start, according to IHS Inc.