The New Zealand dollar weakened for a fourth day as central bank Governor Alan Bollard said a gradual depreciation of the currency is desirable.
Moody’s Investors Service said it’s assessing the risk of currency depreciation damaging the creditworthiness of emerging-market companies after record foreign bond sales.
3M Co., the maker of products from Scotch tape to auto insulation, reported first-quarter earnings that trailed analysts’ estimates as demand from Latin America slowed and foreign currencies weakened.
The largest emerging markets, whose economies grew more than four-fold in the past decade, are making losers out of everyone from central bankers to Procter & Gamble Co. as their currencies post the biggest declines since at least 1998.
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