The Australian dollar on Thursday lost value against the U.S. dollar, slumping to its trough of nearly 24 months against the world's reserve currency, Bloomberg reports.
For a third consecutive trading session, the Aussie dipped against the monetary unit of Japan. The New Zealand dollar monitored the downward dive of the Aussie against the yen. The Aussie's dip against the world's reserve currency touched 0.6 percent during the Thursday trade session.
"We are short the Aussie dollar," currency head Paul Lambert with Insight Investment in London told a press conference on Wednesday, according to Bloomberg. "Australia has reached a new point in its path. Its interest rates are going to start to move toward the rest of the world."
An index assembled by Credit Suisse Group AG noted the central bank of Australia is likely to cut borrowing rates by 41 basis points during the next year, according to Bloomberg.
Since Australia released weaker than expected development and growth data on Wednesday, the Aussie has slumped more than 1 percent, according to ABC. Annual growth during the first quarter of this year plunged 2.5 percent, representing the weakest growth in 24 months.
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