Australia has a new government

Elsewhere on Friday, saw the Canadian dollar continue to strengthen, hitting two week highs triggered by significantly better-than-forecast employment data. This coincided with some weaker data out of the US, dampening chances that the Federal Reserve will reduce economic stimulus over coming months. As Canada’s biggest export destination, a reduction of US stimulus would have a notable impact on the Canadian trade balance. After hitting six-week lows against the US dollar on Thursday, the Japanese yen recovered on Friday, as investors squared their positions ahead of the US jobs data release. Over the weekend we had a new government elected in Australia which has given the Australian dollar a boost. Later this week eyes will be on employment data out of Australia. Monthly job advertising data released this afternoon will give a good indication of the official employment statistics released early on Thursday morning. Overnight tonight we have influential monthly building permit data out of Canada. We also have the short term interest rate decision out of New Zealand on Wednesday, followed by a press conference held by the Reserve Bank. Get in touch for a live rate.