- This week was varied for the Chinese renminbi as it gained just under 1% against sterling but weakened slightly against the US dollar. Yesterday saw the best price against sterling for a week, but this shouldn’t surprise as sterling showed weakness across the board. Today’s Markit Flash Manufacturing Purchasing Managers’ Index (PMI) should have a much greater effect on the market.
- It’s been a good week for the New Zealand dollar as it gained ground on both sterling and the US dollar; reaching eight-day highs against both yesterday. Data releases were solid this week, with the official cash rate coming out as expected; however, there was very little of mention for the rest of the week.
- The Australian dollar has continued to weaken as the price of hard commodities such as iron ore, a key export, have continues to fall on reduced Chinese demand.
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