Australia´s dollar fell for a fifth day in PAMM Platforms, the longest losing streak since August, after a report showed gross domestic product in the third quarter increased at half the pace economists forecast.
The so-called Aussie slid against all 16 of its major counterparts as the report tempered speculation that the Reserve Bank of Australia will raise interest rates to cool inflation sparked by a mining-industry expansion.
Australia’s dollar fell to 95.65 U.S. cents as of 11:52 a.m. in Sydney from 95.88 cents in New York yesterday, when it touched 95.44 cents, the weakest since Oct. 5. The Aussie dropped to 80.02 yen from 80.23 yen, after reaching 79.78 yen, the lowest since Nov. 2.
Japanese stock futures and Australian shares fell on concern Europe’s debt crisis is worsening and as Standard & Poor’s said it may cut Portugal’s credit ratings.
American depositary receipts of Panasonic Corp., a Japanese electronics maker that gets more than 10 percent of its sales in Europe, dropped 0.6 percent from the closing share price in Tokyo. Those of Advantest Corp., the world’s biggest maker of chip-testing equipment, lost 0.8 percent. Woodside Petroleum Ltd., Australia’s second-biggest oil and gas producer, sank 1.1 percent in Sydney today after oil prices retreated in New York.
Futures on Japan’s Nikkei 225 Stock Average expiring in December closed at 9,935 in Chicago yesterday, compared with 9,945 in Singapore. They were bid in the pre-market at 9,940 in Osaka, Japan, at 8:05 a.m. local time today. Australia’s S&P/ASX 200 Index fell 0.1 percent today. New Zealand’s NZX 50 Index slid 0.2 percent in Wellington.