Are commodity backed currencies finding a bit of stability?

• The Australian dollar finished strongly on Friday after a busy week. The Reserve Bank of Australia (RBA) eased their outlook for inflation, leaving no clues as to what its next policy move will be. The quarterly statement of Monetary Policy also assumed a lower path for the cash rate and into took into account the fall in the currency’s value.
• Friday saw Statistics Canada release the country’s trade deficit data. This widened to C$0.65 billion in December, up from C$0.34 billion in November. Industry specialists had expected the deficit to widen to C$1.00 billion.

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