Currency Traders' Bad Year Gets Worse as Central Banks Surprise
- Kiwi surges after RBNZ fails to signal further rate cuts
- China's broader currency index spurs weaker-yuan wagers
A Tough Year for Currencies, Here's Why
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December is turning into a cruel month for traders counting on cuts in interest rates to drive down currencies.
New Zealand’s dollar jumped the most since November after central bank chief Graeme Wheeler delivered the policy easing that economists had predicted without the promise of further reductions. That came less just a week after his European counterpart, Mario Draghi, sparked the euro’s biggest rally since 2009 by unveiling a smaller-than-anticipated stimulus package.