24.09.2014 - Kiwi Leads Commodity Currencies Lower on China
Currencies of commodity-exporting nations including New Zealand and Australia dropped versus the dollar amid concern that growth in China, the world’s second-biggest economy, is slowing. New Zealand’s dollar sank against all of its 31 major peers after a private survey suggested China, the nation’s biggest trade partner, remains stuck in “low gear.” The Australian dollar and Brazil’s real fell to seven-month lows, while the Bloomberg Dollar Spot Index rose to a four-year high. “If China catches a cold, all these other ancillary economies are also going to catch that cold,” said Dave Floyd, global head of foreign-exchange research in Bend, Oregon, at Aspen Trading Group. “If those concerns exist, it will automatically reflect in the Aussie dollar. The two are very closely tied from a commodity standpoint.”..............................................Full Article: Source
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