Australian Dollar Sinks as Investors Brace for Coronavirus Slowdown in China

Australian Dollar Sinks as Investors Brace for Coronavirus Slowdown in China

SYDNEY—Currencies of countries that have their economic wagons hitched to China have taken a sharp hit in recent weeks, with the Australian dollar reaching its lowest point in over a decade Monday.

Reflecting growing concerns about the damage the new coronavirus will do to China’s economy, and especially its appetite for commodities like iron ore and copper, Australia’s currency traded for as little as 66.6 U.S. cents as markets opened in Asia. That was its weakest since March 2009, when Australia’s economy was slowing dramatically…

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