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Australian and New Zealand Dollars Fall Against U.S. CurrencyDecember 1, 2010 By: Jena Tesse Fox
If ever there was an opportune moment to visit Australia and New Zealand, this could be it: The Australian and New Zealand dollars are falling against the U.S. Dollar, meaning great value-for-money for visitors to each country.
Bloomberg is reporting that Australia’s dollar is trading near a 10-week low after a government report showed the economy grew at half the rate analysts forecast in the third quarter. The New Zealand dollar was near a two-month low against the U.S. currency as concern about the spread of Europe’s debt crisis put a damper on demand for higher-yielding assets.
According to the report, Australia’s dollar traded at 95.91 U.S. cents as of 5:21 p.m. in Sydney, down from 95.88 cents in New York yesterday, after falling to 95.37 cents, the weakest level since September 24. New Zealand’s dollar was at 74.44 U.S. cents from 74.26 cents yesterday, when it declined to 73.98, the lowest since Oct. 5. The so-called Kiwi bought 62.13 yen from 62.14 yen.