(Bloomberg) -- The Australian dollar snapped six days
of gains as a slump in U.S. stocks prompted investors to sell
higher yielding assets which they bought with money borrowed in
Japan.
The currency declined the most in three weeks as investors
pared positions in the so-called carry trade after the Dow Jones
Industrial Average fell 1.5 percent, the most in almost three
months. Australia's dollar reached an 18-year high yesterday as
successive days of economic data showed growth is accelerating
and employment had gained.
Read more at Bloomberg Currencies News
of gains as a slump in U.S. stocks prompted investors to sell
higher yielding assets which they bought with money borrowed in
Japan.
The currency declined the most in three weeks as investors
pared positions in the so-called carry trade after the Dow Jones
Industrial Average fell 1.5 percent, the most in almost three
months. Australia's dollar reached an 18-year high yesterday as
successive days of economic data showed growth is accelerating
and employment had gained.
Read more at Bloomberg Currencies News
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