Aussie and Kiwi Gain as Risks Decrease

The currencies of Australia and New Zealand advanced against the Japanese yen and the U.S. dollar on the Forex market today as the traders clearly favored risk-ridden high-yielding assets despite the mixed stock trading session results in Asia.
The growth of the high-yielding currencies was spurred mainly by the decline of the Japanese yen, which was clearly overbought during the last week. The gains in both Australian and New Zealand stock exchanges were quite moderate. Nevertheless, the Australian dollar managed to reach a new high level since October 2008 against the yen.
The analysts believe that as long as the U.S. banks continue to report good results for the first quarter of this year, the risk-averting trends will continue to decline on the currency market. The yen is likely to fall further, while such currencies as the Australian and New Zealand dollar are going to gain from these fundamental developments, albeit in a short to medium term.
AUD/JPY rose from 72.45 to 72.85 as of 9:52 GMT today after reaching as high as 72.99 earlier — the maximum since October 14, 2008. NZD/JPY wen up from 58.75 to 58.96; AUD/USD advanced from 0.7217 to 0.7238; NZD/USD increased from 0.5853 to 0.5858, while AUD/NZD rose from 1.2315 to 1.2342.

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