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The Australian dollar fell Thursday as commodity prices slumped following weak Chinese economic data.
The preliminary Caixin manufacturing Purchasing Manager's Index ended at 47, the lowest in 6 ½ years.
The Aussie dropped to 62.60 euro cents from Wednesday's 63.27 euro cents, and 70.00 US cents from 70.48 US cents.
One of the reasons why the currency broke through the 70 US cents mark is sluggish economic growth in China. The “devaluation in August reduces the purchasing power of Chinese businesses and investors,” said Kathy Lien, Managing Director of FX Strategy at BK Asset Management.
