Australian and new Zealand dollar continue to weaken

Both the New Zealand Dollar and the Australian Dollar head towards five-year and six-year lows respectively against the US dollar off the back of the Greek ‘No’ vote in the referendum, rejecting conditions of a rescue package from creditors on Sunday. The same movement can be said of the Japanese yen against the US dollar, with the pair hitting the lowest levels of the month during early morning trading within the Eurozone. The general pattern for currencies in the ‘elsewhere’ bracket seems to be the same. With the US dollar being a safe haven currency, the vast majority of currencies have lost ground against the greenback due to the situation in Greece at this time. One of particular note is the Canadian Dollar, with the USD/CAD pair hitting highs last seen in April, in favour of the US dollar.

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