Australian Dollar Falls Toward Parity on Greek Concern
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Australia’s dollar fell to its weakest level this year and bond yields reached record lows as concern mounted that Greek leaders will be unable to form a coalition government, reducing appetite for riskier assets.
The so-called Aussie dropped versus all but one of its 16 major peers after Prime Minister Julia Gillard said the budget surplus her government has promised to deliver would provide scope for the central bank to cut interest rates. New Zealand’s currency, nicknamed the kiwi, is set to complete an eight-day drop in what would be its longest losing streak against the dollar since 2001 as Asian stocks extended a global rout.