The Aussie and kiwi dollars skidded to multi-year lows on Wednesday after New Ze...
TOKYO - The Aussie and kiwi dollars skidded to multi-year lows on Wednesday after New Zealand’s central bank shocked markets by flagging the chance of negative interest rates, sending safe-haven assets soaring.
The yen, which was already firmer versus the dollar, raced higher against most currencies as the RBNZ’s surprisingly dovish stance inspired risk-off trades. “We were already on edge about all the U.S. tariffs against China, but now people are starting to question whether we’re headed toward some global recession,” said Kiyoshi Ishigane, chief fund manager at Mitsubishi UFJ Kokusai Asset Management Co in Tokyo.
The dollar fell 0.3% to 106.13 yen in Asian trading, but could face further losses after 10-year U.S. Treasury yields fell to a three-year low of 1.6580%, some analysts said. Market sentiment has deteriorated rapidly as a result, which would support the safe-haven yen and hasten yuan declines as there appears to be no quick resolution to the U.S.-Sino conflict.
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