New Zealand and Australian Dollar Lose to Yen
The New Zealand and Australian currencies continued their bearish trends against the Japanese yen today and dropped on Forex market during the Asian trading session, as the Japanese stock market plunged.
The popularity of the carry trade using the Aussie and Kiwi as the long currencies and the yen as a short currency is currently experiencing a downtrend that lasts since the 26th of February. Investors prefer converting to the yen in order to buy the low-risk Japanese loans.
Some analysts are confident that the Australian and New Zealand dollar with their high interest rates (and the eagerness of the central banks to increase them even more) won’t be able to perform well during the current global financial crisis and overall risk-averting sentiment. According to them the best times for those currencies has already passed.
The Australian dollar went down from 94.91 to 94.48 against the Japanese yen today, while NZD/JPY rate changed from 81.11 to 80.89 during the Asian session.
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If the U.S. economic statistics this week will be as poor as it was in the last week, AUD/JPY and NZD/JPY risk to continue trending down.
