Futures Market News
Kiwi, Aussie drive toward first monthly loss of year
Mar 28, 2012 09:29 AM
Wednesday saw the South Pacific dollars lose value against major rival currencies, Bloomberg News indicates.
Both the Aussie and the Kiwi are set to mark a dubious achievement: for the first time in 2012, both monetary units are hurtling toward monthly losses. A primary driver of those unhealthy performances are preoccupations about the reduced pace of manufacturing in China. The Aussie entered its worst performance against the Kiwi since this past October as a report noting bank lending in Australia was at its slowest since August of last year. But one board member with the Reserve Bank of Australia said concerns about the economy of China are overdone.
"It is feeling the pinch from Europe's problems, and some of it was from China's own efforts to take heat out of the property market that has been successful," John Edwards told Dow Jones Newswires. "My own view is that China's growth will continue to be solid."
The performance of the Aussie also was pulled down by U.S. stock markets, Dow Jones Newswires reports.
The news source also stated the Reserve Bank of Australia noted business failures and defaults on financial obligations are appearing more than normal.
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