Australian and New Zealand Dollars

As an interesting tidbit, Market News reports that in Japan, the Tokyo Financial Exchange reports that margin traders have “defiantly bought the Australian and New Zealand Dollars despite expectations for interest rate cuts. They boosted their net kiwi long positions to 211,032 on Friday, the highest on records going back to mid-2006 and roughly doubling in less than two weeks. The New Zealand dollar rose 0.3% to ¥78.45…”

Well, if they have to unwind these trades, the yen would benefit across the board, so it’s a rocky outlook.

Bye For Now

Barbara Rockefeller