Westpac chief currency strategist Robert Rennie said the sudden sllde in the Australian dollar earlier in the day was driven by the weaker yen against the greenback, affecting the Australian and Japanese cross rates. "The Japanese demand for the Aussie has been dwindling as it is getting too expensive", Mr Rennie said.
Mr Rennie said a series of business surveys indicating weak Japanese gross domestic product print triggered the fall of the Japanese currency against the US dollar, which in turn reduced the Japanese demand for the Aussie. "As we wander through early September you start to get business surveys that give you a reasonable sense of GDP.
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