The Aussie Dollar was the other big market mover as it gained 4-week highs against the US dollar. This was due to domestic data in Australia reaching multi-year highs this January. The rate remained high because of the concerns with the health of China’s economy, which is an important export market for Australia. The Aussie dollar has an important day ahead with the rate of unemployment to come out this evening.
The Canadian Dollar had a solid day and continues to hold its ground or gain on the major currencies, in particular the US dollar. This was because the loonie had some good news in local hiring data which came out above expectations, helping it stay strong against sterling. The underlying trend for the Canadian dollar remains negative and investors will have to wait until next week for possible news that could change this.
The other major currency around the world was the Indian rupee as it failed to reverse its current decline against its major peers for the seventh day running. This was even after a government had released data that reported a narrowing of the trade deficit.
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