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Australian Dollar Falls Against Major Peers Before RBA Meeting

Australia’s dollar declined against most of its major peers amid speculation the nation’s central bank will lower interest rates next week to shield the economy from a slowdown in mining.

The so-called Aussie was near a three-week low versus its New Zealand counterpart as traders added to bets the Reserve Bank of Australia will reduce interest rates after a report yesterday showed a lower mining investment projection. Australian bonds rose, with the 10-year yield touching the least in 10 days. Demand for the New Zealand dollar was limited after data showed building permits unexpectedly fell.