SYDNEY: The Australian and New Zealand dollars fell on Friday after another disappointing set of Chinese economic figures added to worries about global growth.
The Australian dollar dropped half a US cent in the session to $0.7292. It has lost around 1 per cent since Monday and was pulling closer to a six-year trough of $0.7217 touched last week. Key support was found at $0.7285, a level twice-tested this week.
Its latest blow came after activity in China’s factory sector shrank at its fastest pace in almost 6-1/2 years in August.
The Aussie had already been under pressure on tumbling stocks across Asia with investors worried about a sharp slowdown in the Chinese economy and weaker demand for commodities. China is Australia’s top export market.
The Aussie nursed hefty losses against the euro which leapt to A$1.5399, its highest since March 2014. It has gained 2.2 per cent so far this week and the next big level is found at A$1.5536.
