South Pacific currencies dropped in value Monday, the first trading session following the Group of 20 meetings' adjournment in Paris after two days of meetings ended on Saturday, according to published reports.
"Traders are now seeing a light at the end of the tunnel in relation to the euro zone trials and tribulations," foreign exchange dealer Tim Waterer with CMC Markets told news.com.au. "In the past week investors have literally bought into the idea that heightened pro-activity from the European leaders will avert the worst-case scenarios priced in for much of August and September from actually playing out. The longer we can go without renewed European negativity, the sooner the Australian dollar can move back to 1.05 US cents."
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