Positive rhetoric from China supports the commodity backed currencies

Elsewhere, following an announcement from China of plans to expand economic freedoms and do more to shore up growth, we saw commodity-back currencies perform well. The Canadian dollar strengthened, as the announcement from the world’s second largest economy was seen as good news for the export-reliant North American currency, with China being a major export destination. In the same trend, the Australian dollar strengthened to 10-day highs against its US counterpart, and the Indian rupee rose by the most in more than a month. The increased risk appetite seen in markets resulting from the news in China, meant we saw the safe-haven currencies such as the Japanese yen continue to struggle following on from the statement from Janet Yellen last week. Apart from this morning’s monetary policy minutes release from the Reserve Bank of Australia, today is a relatively quiet day in terms of data releases. Get in touch with your trader for live rates