The Australian dollar plunged to its three-month low against the world's reserve currency on Wednesday after the country's gross domestic product was lower than economists' projections, according to Bloomberg.
The monetary unit of the South Pacific nation fell against all 16 of its major rivals as the U.S. Labor Department prepares to release employment figures, which are likely to influence the U.S. Federal Reserve's monetary stimulus decision. Reuters reports the Reserve Bank of Australia (RBA) opted to leave the exchange rate at 2.5 percent during a Tuesday policy meeting.
"The Australian dollar, while below its level earlier in the year, is still uncomfortably high," Governor Glenn Stevens with the RBA said on Tuesday, according to Bloomberg. "A lower level of the exchange rate is likely to be needed to achieve balanced growth in the economy."
Australian gross domestic product during the third quarter checked in at 0.6 percent amid projections it would register at a median rate of 0.8 percent, according to Reuters.
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