- The Aussie Dollar remained just above four-year lows against the US dollar, but it remained on vulnerable ground due to the instability of the world economy. However, it strengthened across the board as better-than-expected Chinese trade data for imports and exports was released. This was much-needed news for China and certainly helped the world’s second largest economy in the short term. For the rest of the week there is very little out from Australia except for a report on business confidence today.
- The Canadian dollar strengthened throughout the day against sterling although it remained fairly stagnant on the whole as it was a bank holiday in Canada on Monday. The dollar remains in a weaker position against most of its rival currencies due to global growth struggling, and failed to take advantage of Canada’s impressive employment figures – showing a net gain of just over 70,000 jobs – as the unemployment rate fell to 6.8%. For the rest of the week there is CPI data out on Thursday – this is expected to fall to 0.2%.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.