Australian Dollar drops to almost three-year low

Source: Bloomberg
© Scanpix/Reuters
Aussie dropped to almost three-year low against the U.S. Dollar after the home-loan approvals rose at the slowest pace in 12 weeks, adding to the case that borrowing costs may be cut. Australia's currency depreciated 0.6% to 94.12 U.S. cents at 3:23 p.m. Sydney time, after reaching 93.82, the lowest in almost three years, while it fell 1.1% to 92.46 Yen. The Kiwi weakened 0.4% to 78.75 U.S. cents and slipped 0.9% to 77.36 Yen.
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