Australian, N.Z. Dollars Advance as Investors Pare Rate-Cut Bets
This article is for subscribers only.
The Australian and New Zealand dollars gained versus most of their major peers as investors pared bets that the countries’ central banks will lower interest rates.
The so-called Aussie and kiwi slid versus the yen after the Bank of Japan expanded its asset-purchase fund, its main policy tool, by 11 trillion yen ($138 billion) to 66 trillion yen. Demand for the higher-yielding currencies recovered after being limited earlier amid concern Sandy, the super-storm ravaging the American Northeast, will hurt the U.S. economy.