Aussie dollar languishes despite latest GDP data

The Australian dollar was pinned near six-week lows on Wednesday, weighed by falling commodity prices and a slowdown in China even as data showed the Australian economy grew at a healthy pace last quarter. The Aussie dipped as low as US$1.0190, its weakest since July 25, from US$1.0285 in late local trade on Tuesday. The Aussie has fallen nearly 4 percent in the past month as markets grow increasingly bearish on China, Australia’s biggest customer. It has retreated from a four-month high of $1.0615 hit in August. “It’s looking bearish for the Aussie. The outlook for iron ore prices remains sombre and the Chinese data continues to unimpress,” said David Scutt, a trader at Arab Bank Australia.