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Aussie back to doing its job as ‘shock absorber’
The Australian dollar's stubborn strength at the start of the year has provided a hindrance to the economy, but recent declines show the currency once again fulfilling its role as a "shock absorber," a trend that is likely to continue for awhile, analysts told CNBC. After remaining above parity to the U.S. dollar for the majority of the past two and a half years, the currency has tumbled over 13 percent against the dollar since mid-April, as on concerns of a slowdown in China, its biggest trading partner. Analysts say that by staying weak, the Australian dollar is helping to prop up the economy by boosting export ... (full story)
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