(Bloomberg) -- The Australian dollar surged to an
18-year high against the U.S. currency and the most in 16 years
versus the yen as a rise in U.S. stocks encouraged investors to
buy higher yielding assets.
The currency was poised for its fourth weekly advance
against the U.S. dollar and second versus the yen as the Dow
Jones Industrial Average rose the most since 2003 to a record.
Rising stocks have given investors confidence to borrow in Japan
and use the proceeds to buy Australia's higher yielding assets
in so-called carry trades.
Read more at Bloomberg Currencies News
18-year high against the U.S. currency and the most in 16 years
versus the yen as a rise in U.S. stocks encouraged investors to
buy higher yielding assets.
The currency was poised for its fourth weekly advance
against the U.S. dollar and second versus the yen as the Dow
Jones Industrial Average rose the most since 2003 to a record.
Rising stocks have given investors confidence to borrow in Japan
and use the proceeds to buy Australia's higher yielding assets
in so-called carry trades.
Read more at Bloomberg Currencies News
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