(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 after the spread between Australian and U.S. two-year bonds shrank to the smallest in seven weeks, and the similar spread for New Zealand reached the lowest in two weeks. An 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 anytime soon.
Read more at Bloomberg Currencies News
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment