(Bloomberg) -- The Australian dollar fell from an
18-year high against the U.S. currency on speculation investors
will pare higher-yielding assets as Asian stocks followed U.S.
equities lower.
Australia's currency also dropped the most in six weeks
versus the yen as investors pared so-called carry trades, where
they buy higher-returning assets with money borrowed in
countries with lower borrowing costs. The local dollar has made
the second-biggest gain the past year among major currencies on
Australia's 6.25 percent benchmark rate, which compares with
Japan's 0.5 percent and 5.25 percent in the U.S.
Read more at Bloomberg Currencies News
18-year high against the U.S. currency on speculation investors
will pare higher-yielding assets as Asian stocks followed U.S.
equities lower.
Australia's currency also dropped the most in six weeks
versus the yen as investors pared so-called carry trades, where
they buy higher-returning assets with money borrowed in
countries with lower borrowing costs. The local dollar has made
the second-biggest gain the past year among major currencies on
Australia's 6.25 percent benchmark rate, which compares with
Japan's 0.5 percent and 5.25 percent in the U.S.
Read more at Bloomberg Currencies News
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