Aussie Dollar Gains, Paring Biggest Annual Slide Since 2008
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Australia’s dollar rose, paring its biggest annual slide since 2008, as investors eased bets on further declines in the currency, which has trailed only the yen as the worst performer among major peers this year.
The Aussie has dropped against nine of the Group of 10 currency pairs this year, recording the biggest declines against the Danish krone, euro and Swiss franc. Private sector credit expanded at a slower pace than forecast last month, according to Reserve Bank data released today. Central bank Governor Glenn Stevens has indicated the currency needs to decline a further 5 percent given the economic outlook. A report tomorrow is forecast to show slower manufacturing growth in China, Australia’s largest trading partner.