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BlackRock Says Aussie May Drop to 70 Cents as China Growth Slows
Australia’s dollar is at risk of sliding to 70 U.S. cents this year as China’s economy slows and the Federal Reserve keeps raising U.S. interest rates, according to BlackRock Inc. The Aussie tumbled below 74 cents on Tuesday for the first time in a year amid a worsening trade dispute between the U.S. and China, Australia’s largest trading partner. The currency faces more pressure as policy divergence sees Australian bond yields drop further below those of U.S. Treasuries, said Craig Vardy, BlackRock’s head of fixed income for Australia. The Aussie last traded at 70 cents in February 2016. “There are ... (full story)