The Australian dollar lost ground throughout the day yesterday, dropping by a full cent from last week’s highs against the US dollar. Minutes from the previous monetary policy meeting were released early yesterday morning, and contents on the minutes show that policy makers remain open to further stimulus measures. The Australian economy has performed relatively well across the first half of 2014, but the central bank minutes show concerns being voiced over the pace of the recovery, and that the door remains open for further rate cut. The Russian rouble was the only other mover yesterday, losing ground after the central bank’s announcement that it will scale back its interventions to support the rouble. Russian bonds also fell.
Looking forward to today, Canadian wholesales sales figures will be released, followed later tonight by the GDO data out of New Zealand.
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