BlackRock’s Miller Avoiding Australian Dollar as China Cools
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Australia’s dollar isn’t attractive after the currency climbed more against the greenback than any major counterpart in the past year, BlackRock Inc. said.
The so-called Aussie has surged as the Reserve Bank of Australia raised interest rates to the highest in the developed world to curb price pressures amid demand from China for the country’s commodities. Chinese reports this month showed manufacturing growth slowed to the lowest level since February 2009 and services industries expanded at the slowest pace in four months in the Asian nation, Australia’s largest trading partner. Retail sales in Australia dropped in May, a report today showed.