Australian Dollar Drops Amid Concerns Over Global Growth
July 13, 2010 |12:38 | Currency Rates By : Team X
The Aussie Dollar receded from near a three-week rise in the midst of concerns over worldwide expansion and that its newest increases might have arrived too quickly.
New Zealand's currency dropped before reports this week in all probability were to reveal that U. S. retail sales went down in June for the second month and inflation retreated.
Both currencies were last week's largest beneficiaries amongst their 16 most-traded equivalents against the greenback.
Greg Gibbs, a foreign-exchange strategist at Royal Bank of Scotland Group Plc. in Sydney said, "There's still too much concern over slowing global growth to want to get too bullish on the Aussie at the moment. The Aussie has had a good week last week and the market wants to see some further good news to keep driving it".
Australia's currency dropped 0.4% to 87.38 U. S. cents as on 12:11 p. m. in Sydney from 87.76 cents in New York, last week. It previously reached 87.93 cents, the maximum since June 22, after moving to 4.3%, last week. The currency got 77.86 Yen from 77.76 Yen on July 9.
New Zealand's Dollar dipped to 70.78 U. S. cents from 71.08 cents on July 9, when it touched 71.17 cents, the maximum since June 28. It procured 63.07 Yen from 62.97 Yen.
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