Aussie Dollar Falls as Slowing Growth Stokes RBA Rate-Cut Bets
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Australia’s dollar dropped after a government report showed growth slowed to the least in almost two years, fueling expectations the Reserve Bank will cut borrowing costs.
New Zealand’s dollar advanced against the Aussie for a second day after the Organization for Economic Cooperation and Development said the smaller nation will need to raise interest rates later this year. The Australian currency extended its biggest slide in seven weeks versus the greenback amid speculation the U.S. Federal Reserve will taper stimulus.