Australian dollar weakens as China production falls
THE Australian dollar is weaker as the worst Chinese industrial production reading in six months hits commodity prices.
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THE Australian dollar is weaker as the worst Chinese industrial production reading in six months hits commodity prices.
At 0630 AEDT on Wednesday, the local currency was trading at 82.13 US cents, down from 82.31 cents on Tuesday.
The unit lost momentum during offshore trade after a Chinese industrial production barometer for November, known as the HSBC purchasing managers’ index, fell to the lowest point since May. Subsequently, commodity prices fell with the Brent crude oil price dropping below $US59 a barrel for the first time since May 2009.
It hit $US58.50 a barrel after the factory figures were released from China, Australia’s biggest trading partner.
Originally published as Australian dollar weakens as China production falls
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