Australian traders' apprehension about dealing with China helped pulled down the Australian dollar against the world's reserve currency on Tuesday as the Aussie fell to its lowest value in about six weeks against the greenback, Bloomberg reports.
China, the top trade and commerce partner of the South Pacific nation, is forecast to see growth and development reduce its pace to 7.6 percent this year after having checked in at 7.7 percent in 2012, states the median projection of economists surveyed by the news source. They predicted the reduced pace will slip to 7.4 percent in 2014.
"There's a cautious tone with China's third plenum going on," market strategist Stan Shamu with IG Ltd. in Melbourne told the media outlet on Tuesday. "The Aussie is starting to get comfortable below 94 U.S. cents."
The Australian dollar lost roughly 0.3 percent of its value against the U.S. dollar on Tuesday and it has slumped about 2 percent during the past four days.
Business confidence in Australia dropped from its highest value in three-plus years, which it touched in October, according to Reuters. That also pulled down the value of the Aussie on Tuesday.
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