Commodity Rout Spurs Worst Resource-Currency Meltdown in 7 Years
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Commodity currencies are off to the worst start to a year since the financial crisis amid signs of a slowdown in China, the world’s biggest consumer of raw materials.
The Canadian, Australian and New Zealand dollars plunged against their U.S. counterpart as Bloomberg’s commodity index tumbled to a more than 13-year low. The currencies of commodity-exporting nations suffered after an official Chinese factory gauge slipped to the least in five months, dimming the demand outlook.