The Australian dollar lost value on Monday against the world's reserve currency as questions manifested about whether the nation's economic growth will keep pace with that of the U.S., according to Bloomberg.
The Australian dollar fell out of demand while the New Zealand dollar marked two-straight days of gains against the Japanese yen. Exports from China, a top partner for trade and commerce with both South Pacific countries, climbed more than forecast last month.
"When they know that the [Reserve Bank of Australia] has stopped cutting rates and talking down the Australian dollar, the Japanese will return to the market more fully," interest-rate strategist Martin Whetton with Nomura Holdings Inc. in Sydney told Bloomberg on Monday. "There's a bit of a mismatch right now between the needs of the Australian government as a borrower and the needs for a lower currency that the central bank is highlighting."
The Australian dollar fell 0.2 percent against the greenback after surging 0.8 percent against its cross-Pacific rival during the two prior trade sessions.
China's import of goods from Australia rose to its top level ever in November, according to Reuters.
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