Aussie is worst performing major currency on Chinese economy concerns

Australian dollar fell in European trade on Monday against a basket of rivals, falling off one-week high against US dollar and becoming worst performing major currency on Chinese economy concerns.

Recent data showed major sectors in China slowed down in September, reinforcing the need for further fiscal and monetary support from authorities.

AUD/USD

AUD/USD fell 0.6% to 0.63941, with a session-high at 0.6445, after rising 0.1% on Friday, scaling a one-week high at 65.01 cents.

Aussie tumbled 0.8% in September against US dollar, the second monthly loss in a row as the Reserve Bank of Australia paused interest rate hike, with the aussie slumping 3.4% in the last quarter against US counterpart.

Major Currencies

Aussie was the worst performing major G8 currency today, losing 0.6% against US dollar, and 0.5% against the euro, the pound, and the Swiss frank, and losing 0.3% against yen and Canadian dollar. 

Chinese Economy

Recent Chinese data once again showed the economy is slowing down considerably despite recent official efforts to prop up the economy.

China's manufacturing PMI fell to 50.6 in September from 51.0 in August.

The services PMI index slid to 50.2 in September from 51.8 in August.

China is Australia's biggest trading partner, and wobbling economic conditions in China have direct impact on Australian growth.