(Bloomberg) -- The Australian dollar rose to a 16-
year high and New Zealand's currency traded near the strongest in
20 years against the yen as investors were lured to the two
nations' higher-yielding assets.
New Zealand's dollar headed for a sixth weekly rise versus
the yen, the longest winning streak in 2 1/2 years, on the
nation's record 8 percent interest rate. Australia's 6.25 percent
key rate helped the currency rebound from last week's decline.
Investors borrow in Japan, where the overnight rate is 0.5
percent, and buy assets in the Southern Hemisphere nations in a
strategy known as the carry trade.
Read more at Bloomberg Currencies News
year high and New Zealand's currency traded near the strongest in
20 years against the yen as investors were lured to the two
nations' higher-yielding assets.
New Zealand's dollar headed for a sixth weekly rise versus
the yen, the longest winning streak in 2 1/2 years, on the
nation's record 8 percent interest rate. Australia's 6.25 percent
key rate helped the currency rebound from last week's decline.
Investors borrow in Japan, where the overnight rate is 0.5
percent, and buy assets in the Southern Hemisphere nations in a
strategy known as the carry trade.
Read more at Bloomberg Currencies News
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