News and views The New Zealand dollar benefited from a revival in investor risk appetite, finishing around the middle of the pack among the major currencies. The revival was led by equity markets and financial stocks in particular – HSBC reported a $3.2bn writedown, less than the rumoured $4bn, and bond insurer MBIA rallied even after reporting a larger than expected $2.4bn loss. The classic carry trades were clearly back in favour overnight, with the NZD and AUD rising while the yen fell more ...
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