Aussie, Kiwi continue downward dip

Posted On: December 27, 2012

The value of the monetary unit of Australia plunged against all of its top 16 rivals on Thursday as political leaders in the U.S. prepared to re-convene to negotiate terms and conditions of the fiscal cliff, according to Bloomberg.

The Australian dollar was pushing toward its sharpest monthly losses since August. The New Zealand dollar was in the midst of eight days of losses to the world’s reserve currency. But those losses might be tempered by economic data indicating China is bouncing back from a rough year.

"Uncertainty and concerns about the fiscal cliff are starting to weigh on risk markets," currency economist Peter Dragicevich Commonwealth Bank of Australia told the news source on Thursday. "The Aussie and the kiwi are naturally susceptible to declines in global equity markets, particularly the U.S. markets."

Losses for the Aussie this month thus far are roughly 0.8 percent. The eight sessions that the Kiwi have dropped have amounted to losses of more than 3 percent.

AAP reports the Aussie's closing value on Thursday was its lowest since last month.

Category: Industry News

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