Aussie Dollar Near Five-Week Low on China Growth Concern
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Australia’s dollar traded near a five-week low amid concern a slowdown in China, the country’s biggest trading partner, will hamper growth.
Demand for the Australian and New Zealand dollars was limited before a purchasing managers’ index to be released next week that may show China’s manufacturing industry is stagnating. A Reserve Bank of Australia report showed slower-than-predicted credit growth in July. The so-called Aussie headed for its first monthly decline since May before Federal Reserve Chairman Ben S. Bernanke speaks in Jackson Hole, Wyoming, today.