US$ heading for worst quarter in five years

London

THE dollar fell broadly on Wednesday and with just one more day left in March, headed for its worst quarter in five years against a basket of currencies as investors wound back their expectations for US interest rate rises in 2016.

The Australian and New Zealand dollars, currencies that are closely correlated with commodity prices, both soared to nine-month highs as oil prices - which are US dollar-denominated - rose and became cheaper for holders of other currencies.