(Bloomberg) -- The Australian and New Zealand
dollars declined against the yen as concerns about subprime
mortgages caused U.S. stocks to fall, prompting investors to cut
holdings of higher-yielding assets bought with loans from Japan.
New Zealand's dollar is the worst performer out of the 16
most-traded currencies today, followed by Australia's, after the
Standard & Poor's 500 Index declined 1.3 percent yesterday and
post its biggest monthly decline in three years. The currencies,
favorites for so-called carry trades, reached the highest in more
than 16 years versus the yen last month on interest rates that
are among the highest of major economies.
Read more at Bloomberg Currencies News
dollars declined against the yen as concerns about subprime
mortgages caused U.S. stocks to fall, prompting investors to cut
holdings of higher-yielding assets bought with loans from Japan.
New Zealand's dollar is the worst performer out of the 16
most-traded currencies today, followed by Australia's, after the
Standard & Poor's 500 Index declined 1.3 percent yesterday and
post its biggest monthly decline in three years. The currencies,
favorites for so-called carry trades, reached the highest in more
than 16 years versus the yen last month on interest rates that
are among the highest of major economies.
Read more at Bloomberg Currencies News
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