020 7898 0500Following a rally from a three year low on Tuesday, the Canadian dollar continued to strengthen yesterday, reaching a week high yesterday following increased speculation that positive the U.S. will enjoy strong growth in 2014, its strongest trading partner. The South African rand continued to struggle this week and fell to a five year low due to a fall in Chinese manufacturing figures as exports of raw materials account for 12% of South Africa’s total exports. The Brazilian real also suffered this week falling to four month lows as the central bank in the country began a process of scaling back support for the currency. Early this morning non-manufacturing Purchasing Managers Index (PMI) data from China was released. There will also be an early morning release of PMI data for Switzerland but other than that there are no significant announcements expected that will impact other currencies this week.
