The Australian and New Zealand dollars fell versus the euro after European Central Bank council member Jens Weidmann said the shared currency isn’t seriously overvalued.
The Aussie, as the Australian dollar is nicknamed, dropped versus a majority of its most-traded peers after raw materials fell and the number of loans granted to build or buy houses and apartments declined for a third month. The Australian business- confidence index for January will be released today, while a consumer confidence index will be issued tomorrow.
“The Aussie is under pressure before the confidence surveys and as investors look for borrowing rates to be cut by the Reserve Bank of Australia next month,” Joe Manimbo, a market analyst at Western Union Business Solutions, said by telephone from Washington, D.C. “The kiwi had a sideways session, as investors were lightening up on risky assets before growth numbers from Japan and Europe and in front of the G-20 meeting on Friday.”
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