The Australian dollar lost some ground yesterday against the US dollar, following the Reserve Bank of Australia’s decision to hold interest rates. The move was expected, however, and rates did remain at a record low of 2%. Despite the fall against its US counterpart, the Australian dollar didn’t lose that much ground against other currencies.
The New Zealand dollar dropped to new five-year lows yesterday, also against the US dollar, after poor business confidence data was released – this was due, mainly, to the situation in Greece.
Today we see the release of Canadian Building permits data, which is expected at levels lower than previously. This could have a negative effect on the value of the Canadian dollar – certainly against its US counterpart.
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