05.11.2015 - El Niño is drying up gains for this major currency
El Niño is wreaking havoc in the currency market. Since the week began, the New Zealand dollar has shed 3.1% of its value against the dollar—reversing more than half of its monthly gain for October, when it was the best-performing currency among its G-10 peers. Analysts have attributed its declines to the weather phenomenon, which could drastically reduce crop yields. This is a major problem for an economy that is dependent on agricultural exports—and many believe it will further weaken the kiwi. “It’s definitely a material risk in our view,” said Adam Cole, head of G-10 FX Strategy at RBC Capital Markets...............................................Full Article: Source
Print