Preheat oven to 350°F Line the bottom and sides of a 9"x5" loaf pan with waxed paper and grease.
Break the egg into a bowl and beat lightly. Stir in the apple sauce, butter or margarine, brown sugar and granulated sugar.
In another bowl, sift together the flour, baking powder, baking soda, salt, cinnamon and nutmeg. Fold the dry ingredients into the applesauce mixture in three batches.
Stir in the currants or raisins and chopped pecans.
Pour into the prepared pan and bake for about 1 hour, or until a toothpick inserted near the center comes out clean. Let stand for 10 minutes before transferring to a wire rack to cool. (Note: in my oven, it took only about 45 minutes to finish).