Aussie, N.Z. Dollars Fall With Risk Assets on Greek Concern

The Australian and New Zealand dollars dropped against their U.S. peer as concerns mounted that a deal for Greece to buy back its bonds may falter, damping demand for riskier assets.

The so-called Aussie snapped a three-day increase against the greenback amid concerns that euro-area finance chiefs and the International Monetary Fund will not agree to terms for a Greek bailout. The New Zealand currency slid for a second day versus the dollar as stocks and commodities declined after U.S. Senate Majority Leader Harry Reid said he is “disappointed” in the lack of progress to avoid the so-called fiscal cliff of tax increases and spending cuts scheduled to take effect in 2013 unless lawmakers act.