The Canadian dollar weakened against the US Dollar on Friday – its major trading partner – as US employment data comfortably exceeded market expectations. With China enjoying the Labour Day bank holiday on Friday, there was a lack of significant data releases to affect other markets. The Indian rupee had its biggest increase against the US dollar in a month following a large amount of exporters repatriating overseas income to benefit from the positive exchange rate.
This week will prove to be a busy one for the Australian dollar with significant focus on the currency with the Reserve Bank of Australia (RBA)’s interest rate decision, policy statement and unemployment data all due out. Similarly in New Zealand economists are forecasting for a small improvement in unemployment levels which should provide support for the currency.
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