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Currencies of Commodity Exporters Drop on China Outlook
Currencies of commodity-exporting nations including Australia fell as a gauge of raw materials slid to a five-year low on speculation demand will drop after China signaled slower economic growth. The Australian dollar sank to a seven-month low against its U.S. counterpart, dropping against most of its 31 major peers. South Africa’s rand and Brazil’s real weakened, and an index of emerging-market currencies reached the lowest level since 2009. The euro pared gains as European Central Bank President Mario Draghi said the region’s recovery is losing momentum, while the pound climbed. “China is weighing on ... (full story)