The reduced pace of development and growth in Australia pulled down the value of the nation's monetary unit on Wednesday, Bloomberg reports.
After economic data noted the metric being at its lowest in nearly 24 months, the Australian dollar continued its sharpest losses since late April against the world's reserve currency. The Australian dollar also was enduring pressure amid speculation mounting that the U.S. is poised to cut down its economy-spurring monetary stimulus program.
"The talk about U.S. quantitative easing possibly ending or being tapered – that's really put downward pressure on the Aussie," economist Janu Chan with St. George Bank Ltd. in Sydney told the news source on Wednesday.
Losses for the Australian dollar against the U.S. dollar on Wednesday climbed as high as 0.8 percent after having endured losses as high as 1.2 percent during the Tuesday trading session. Losses for the Aussie against the Japanese yen on Wednesday surged as high as 1.3 percent.
The Aussie also scraped its 17-month trough against the common currency of the European Union on Wednesday, The Wall Street Journal reports.
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