- The Australian dollar continued its erratic run of form, on weaker footing yesterday after a generally positive day on Monday. Weighing on the Australian currency yesterday was an underwhelming service sector report out of China, Australia’s biggest trading partner. This coincided with a statement from central bank policy makers yesterday morning which, after the bank announced borrowing rates will be held at the record low of 2.5%, reiterated the consensus that they plan to have a ‘period of stability with rates’. Eyes will be on tomorrow morning’s employment figures, which will no doubt drive further movement for the Australian dollar. In these volatile times, though, it is hard to say in which direction it will move.
- The Canadian dollar dropped off against the majority of its peers yesterday emerging from a long holiday week. An advancing US dollar has pushed traders into selling off Canadian dollars in favour of its better-performing US counterpart. Canadian trade balance figures released this afternoon will have an impact.
- New Zealand’s unemployment rate fell to 5.6% for June which was slightly better than forecast. It had limited effect on the New Zealand dollar short term.
Are you looking to buy or sell currencies? Contact your trader now for live rates, news and currency purchasing strategies.