(Bloomberg) -- New Zealand's dollar fell to its lowest
in almost two weeks against Japan's currency as a decline in U.S.
stocks tied to concerns about subprime mortgages prompted traders
to unwind riskier bets.
So-called carry trades, where investors borrow cheaply in yen
to buy higher-yielding assets elsewhere, have boosted the New
Zealand dollar by 35 percent against the yen the past 12 months.
U.S. stocks fell for the first time in six days after Standard &
Poor's warned it may cut ratings on debt backed by subprime
mortgages because a U.S. housing slump is worse than it earlier
anticipated.
Read more at Bloomberg Currencies News
in almost two weeks against Japan's currency as a decline in U.S.
stocks tied to concerns about subprime mortgages prompted traders
to unwind riskier bets.
So-called carry trades, where investors borrow cheaply in yen
to buy higher-yielding assets elsewhere, have boosted the New
Zealand dollar by 35 percent against the yen the past 12 months.
U.S. stocks fell for the first time in six days after Standard &
Poor's warned it may cut ratings on debt backed by subprime
mortgages because a U.S. housing slump is worse than it earlier
anticipated.
Read more at Bloomberg Currencies News
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