The Australian dollar fell to its lowest value in about three weeks on Thursday before the release of economic data regarding second-quarter business advancement in the nation concerned about its slowing economy, Bloomberg reports.
Demand for the Aussie slowed amid a slowing appetite for global equity. The U.S. and the U.K. said they are set to implement military strikes against Syria in response to the Middle Eastern nation's suspected use of chemical weaponry last week on the outskirts of the country's capital, even though authorization has not been issued by the U.N. Security Council.
"There is a pressing need to lift business capital spending outside of the resources sector," chief economist Michael Blythe with the Commonwealth Bank of Australia told The Wall Street Journal on Thursday. "The available data shows how far the non-mining sector has fallen behind in its investment task."
The central bank of the South Pacific nation has slashed borrowing costs by 200 basis points during the past two years, efforts to propel the economy amid slowing mining, The Wall Street Journal reports.
Borrowing costs fell to a record low of 2.5 percent this year, according to The Wall Street Journal.
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