Aussie Tumbles in Longest Slump Since 2001 Amid Growth Concern
This article is for subscribers only.
Australia’s dollar dropped for an eighth day versus its U.S. counterpart in its longest slump in almost a decade as concern the global economy is slowing sapped demand for higher-yielding assets.
The Aussie sank to the weakest level against the yen since March after Standard & Poor’s on Aug. 5 cut the U.S. long-term credit rating from the highest level, AAA, and global stocks tumbled. New Zealand’s currency fell for the fifth time in six days after prices tumbled for commodities tumbled.