(Bloomberg) -- The Australian and New Zealand dollars fell, the biggest fluctuation of any currencies today, as their yield advantage over the U.S. narrowed after manufacturing accelerated in the world's largest economy.
Both currencies dropped against the dollar as the spread between Australian and U.S. two-year bonds contracted to the narrowest in seven weeks, and the similar spread for New Zealand debt reached the lowest in two weeks. The Institute for Supply Management report yesterday showed U.S. manufacturing grew in April at the fastest pace in almost a year, suggesting the Federal Reserve won't cut interest rates in the next few months.
Read more at Bloomberg Currencies News
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