Loonie, Aussie, Kiwi set for worst year since crisis
Tokyo
THERE'S been no respite in the commodity rout that's seen prices tumble to a 13-year low - and that's sending the currencies of nations that rely on exporting resources toward their worst year since the financial crisis.
Canada's dollar sank to its weakest since 2004 as plunging oil prices shrank the economy and prompted Prime Minister Stephen Harper to call an early election. The Australian and New Zealand dollars were within one cent of six-year lows on Monday amid signs of a slowdown in China, the world's biggest consumer of raw materials. All three currencies have fallen more than 10 per cent this year against their US peer, the first time that's happened since 2008, spurring hedge funds to turn the most bearish on them since the start of 2014.
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