New Zealand dollar set for biggest jump this year on central bank surprise
LONDON - The Swiss franc rallied to a one-month high against the euro on Wednesday as hedge funds unwound some of their negative bets against the currency and as appetite for risky assets faltered due to the intensifying unrest in Hong Kong.
Hedge fund and banks had ramped up their bearish bets against the Swiss franc over the last two weeks on expectations a trade pact between Washington and Beijing would fuel demand for risky assets and boost carry-trades where investors borrow in cheap currencies such as the franc and yen and invest in riskier ones like the dollar and the pound.
The franc’s gains were also bolstered by latest weekly data which showed the Swiss central bank had loosened its grip on the currency by stepping back from its interventionist stance. Against a broadly firm greenback, the kiwi was up 1.3% at $0.6407, comfortably on track for its biggest daily jump since end-October 2018.
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