020 7898 0500Elsewhere this week, we saw the Canadian dollar lose significant ground following an agreement on Monday that Iran will curb much of its nuclear weapons programme in return for the lifting of sanctions imposed on the country’s international trade which saw the price of crude oil drop. With oil being the primary commodity being shipped out of the export-reliant nation, any significant drop in price can heavily impact Canada’s trade balance. As a result, the Canadian dollar dropped to 2009 lows against sterling yesterday evening, with the situation exacerbated by worse-than-forecast trade balance figures released yesterday morning. The Australian dollar had an equally difficult week amid sentiment that the currency is overvalued, and that the inflated price could have a detrimental impact on the export-reliant economy. This came to a head yesterday when the Reserve Bank of Australia signalled that an intervention may be imminent. Following the news regarding the Iranian nuclear program, traders sold off the traditionally safe-haven Japanese yen this week as they looked to buy in to riskier assets. As a result, we saw the Japanese yen decline as well. Looking forward to today, we have GDP figures out of Canada. Get in touch with your trader for a live rate.
