On account of the slow global recovery and weak consumer spending, both the Australian and New Zealand Dollar experienced a plunge for the second day also. The two currencies dropped against Chinese Yen, as well.

Late in the evening, the Australian Dollar declined to 91.13 U.S. cents in Sydney from yesterday’s figure of 91.65 cents in New York. On August 6, the currency mounted up to 92.22 cents, which was higher since May 4. Also, against the Chinese Yen, the currency dropped 0.6% to 78.26 Yen.

There was a fall of 1% in New Zealand’s Dollar, bringing the currency to 72.17 cents. The currency knocked down 1.1% to 61.97 Yen, which is the weakest since the last week of July.

As showcased by an industry report, the index of business confidence fell 14 points that caused the Australian Dollar to slid, which earlier was swinging high for last three-months.

Another factor that contributed to the fall in the two currencies is the slowdown in the imports of China that experienced a fall of 22.7% in July, as brought out by a Chinese report and the assumption that the Federal Reserve would declare the state of the U.S.’ economy as cooling.

Yuri Imaizumi, a Tokyo-based Senior Market Strategist at FXOnline Japan Co. said, “With a set of data now pointing to a slowdown, expectations for further rate hikes in Australia aren’t likely to strengthen notably”.