Economics
Australia Dollar Drops Versus U.S. Peer on China Factory Slump
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The Australian dollar fell against its U.S. peer after Chinese manufacturing declined for an 11th month, clouding the prospects for the nation’s resource exports.
The Aussie dropped against the majority of its 16 most-traded counterparts as euro-area services and manufacturing output fell to a 39-month low in September. The New Zealand dollar advanced versus its U.S. peer as the country’s economic growth slowed less than forecast last quarter amid stronger farm output and construction.