Economics
Aussie Dollar Set for Biggest Yearly Drop Since ’08 on Fed Taper
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Australia’s dollar headed for its biggest yearly decline since 2008 as signs of improvement in U.S. economy boosted expectations the Federal Reserve will continue to scale back stimulus that has debased the greenback.
The Aussie dollar weakened today, extending the worst weekly run of losses in more than three decades before data which may show expansion in Chinese manufacturing slowed. Iron ore ports on Australia’s northwest coast began shutting down over the weekend before Tropical Cyclone Christine hits land tonight, after being upgraded to a Category 3 storm by Australia’s Bureau of Meteorology. New Zealand’s dollar declined for a sixth day versus the U.S. currency.