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Australia, New Zealand dollars jump as stocks, commodities rise

Posted on 29 October 2008

From Bloomberg: The Australian and New Zealand dollars jumped the most in more than two decades against the yen as a rally in U.S. stocks and reports Japan may cut rates prompted speculation investors will buy higher-yielding assets.

The currencies advanced against the dollar after prices of commodities the two nations export gained. The Nikkei reported yesterday the Bank of Japan may reduce its target lending rate by 0.25 percentage point. The South Pacific nations’ dollars rallied yesterday as the Reserve Bank of Australia bought its own currency for the third day amid declines. …. Full Article: Source


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