Australian Banks' Foreign Exchange Revenues Hit By Currency Devaluation
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SYDNEY -- Reduced trading volumes in the Australian and New Zealand currencies due to continued devaluation of the two currencies has hit FX revenues at Australian banks this year, say analysts.
The currencies' one-way downward trend has caused a shortage of buyers in the market for the Aussie and New Zealand dollars, they say. This has particularly affected Australian banks because they became increasingly focused on trading the A$ and NZ$ after the Asian economic crisis in 1998 reduced interest
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