Australia’s dollar weakened for a ninth day and New Zealand’s fell for a third as a slide in commodity prices damped the outlook for nations that rely on sales of raw materials.
The yen strengthened versus all except one of its 16 major counterparts as a decline in Asian stocks revived demand for the currency as a haven. The Aussie extended its daily losing streak to the longest since it was allowed to float freely in 1983 as a gauge of business sentiment fell to the lowest since last year’s election. China’s yuan weakened to a four-month low.
“The Aussie is leading losses in commodity currencies with oil declining as a slowdown in global economy reduces demand,” said Junichi Ishikawa, an analyst at IG Markets in Tokyo. “Gains in the greenback against its Australian peer are spreading to the dollar-yen cross rate as well.”
Australia’s dollar fell 0.7 percent to 82.33 U.S. cents as of 2:46 p.m. in Tokyo, having tumbled 3.7 percent during its nine-day decline. The Aussie earlier dropped to 82.24 cents, the weakest since June 2010. New Zealand’s currency slipped 0.3 percent to 76.27 cents.
The yen gained 0.4 percent to 120.22 per dollar after strengthening 0.6 percent yesterday. Japan’s currency advanced 0.4 percent to 148.11 per euro. The U.S. dollar was little changed at $1.2320 per euro.
Source: Bloomberg (09 Dec 2014)
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