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.
Bloomberg reports both the Australian and New Zealand dollars slipped but not as much as they could have due to Asian stocks resuming a rally from last week.
"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."
Gains for the Aussie last week were 5.9 percent. But on Monday, the monetary unit fell to both the U.S. dollar and the Japanese yen, 0.3 percent in both cases.
Bloomberg reports the kiwi, as the New Zealand dollar is known, dropped following a report indicating September saw the nation's service industry slow down.
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