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Australian dollar slides

Dollar23The Australian dollar has slipped Wednesday, trading at 72.03 US cents from 72.14 US cents on Tuesday as markets were pulled in opposite directions by optimism about a Chinese economic stimulus package, and pessimism about the UK House of Commons defeat of the Brexit deal.

British MPs have defeated Prime Minister Theresa May’s Brexit divorce deal by a crushing margin, triggering political chaos that could lead to a disorderly exit from the EU or even to a reversal of the 2016 decision to leave.

Yesterday, the local currency was higher as markets wagered a white-knuckle vote on the British government’s latest Brexit plan would lessen the risk of a “no-deal” divorce, at least for the short term.

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