The dollars of Australia and New Zealand were pinched by weaker-than-expected economic data released by one of its top partners for trade and commerce on Wednesday, Bloomberg reports.
For the first time in four trade sessions, the South Pacific currencies lost value against most of their counterpart currencies. A Purchasing Managers' Index for manufacturing for China this month registered at 47.7 this month one month after notching 48.2.
"Every man and his dog is short Aussie-dollar, and that is one factor that is going to be supporting Aussie going forward," senior currency strategist Sue Trinh with Royal Bank of Canada in Hong Kong told Bloomberg on Wednesday. "It's going to take renewed concerns on the global growth front to really drive Aussie below 90 U.S. cents. For now, we think the bottom is probably in place."
The data about the Asian nation marked its lowest rate in 11 months, according to Reuters. China is a strong commerce partner with Australia and New Zealand.
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