Currency Note Worldwide

Australian dollar has a good day

By Smart Currency October 10th, 2013

Elsewhere yesterday, an appetite for risk in the market was triggered by new confidence over the chances of a resolution of the impasses in the US. As a result, we saw the Australian and New Zealand dollars perform well; the Australian currency the strongest of the pair as traders anticipate tomorrow’s unemployment figures, which are forecast to be positive. The Canadian dollar, unlike its commodity backed cousins in Australia and New Zealand, fell to four-week lows against its US counterpart. The Canadian currency’s weakness was a knock-on result of poor trade balance figures on Tuesday afternoon, which seemingly set the stage for sluggish third quarter growth. The swing towards riskier assets over the past few days meant that the Japanese yen has struggled, but the yen’s dip could be short-lived should events in the US worsen. Today, as mentioned, we have influential unemployment figures out of Canada. The Governor of the Bank of Japan is also making a speech this afternoon, which traders will be keeping an eye on for clues on future interest rates. Get in touch with your trader for live market updates.