Kiwi, Aussie Dollar in Freefall as Investors Scramble Into USD
Tweet
Share
E-mail
The Aussie (AUD) dollar broke 5 months lows overnight, tapping .9800, a level that hasn’t been since November of last year. The Kiwi (NZD) was also beaten-up, as it went under .7550.
Kengo Suzuiki of Mizuho Securities told Bloomberg that "Growing debt and political turmoil in Europe is keeping the markets risk-off. Funds are escaping from risk currencies like the Aussie and kiwi."
The US dollar index tested highs at 81.75 which proved to be resistance for the time being. The US dollar index has been on an intense rally that began in early May. The move reinforces the dollar’s safe-haven status.
CurrencyShares Australian Dollar (NYSE: FXA) tracks movements in the spot rate of AUD vs. USD.
Invesco PowerShares Dollar Index ETF (NYSE: UUP) tracks movements in the dollar index.
Kengo Suzuiki of Mizuho Securities told Bloomberg that "Growing debt and political turmoil in Europe is keeping the markets risk-off. Funds are escaping from risk currencies like the Aussie and kiwi."
The US dollar index tested highs at 81.75 which proved to be resistance for the time being. The US dollar index has been on an intense rally that began in early May. The move reinforces the dollar’s safe-haven status.
CurrencyShares Australian Dollar (NYSE: FXA) tracks movements in the spot rate of AUD vs. USD.
Invesco PowerShares Dollar Index ETF (NYSE: UUP) tracks movements in the dollar index.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BofA's Hartnett sees dollar slump, risk selloff if bond intervention fails
- Deutsche Bank calls Treasury buyback doubling similar to ’operation twist’
- BofA sees dollar weakness continuing with New Zealand dollar gains
Create E-mail Alert Related Categories
ETFsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
