020 7898 0500Elsewhere, on Friday we saw the Australian dollar log its biggest gains in 2 weeks. It was a seesaw week for the currency, which showed strength early on before falling dropping off significantly mid-week following the political uncertainty in the US. The Australian currency’s strong performance came about amid increased expectation that the Reserve Bank of Australia will not be cutting interest rates this year, increasing demand for the currency. The Canadian dollar continued to struggle on Friday off the back of a troubled week following PMI data coming out lower than anticipated. Furthermore, with the situation in the US developing, Canada’s close trade ties with the country caused the Canadian dollar to struggle. After a very strong week triggered by market risk aversion, the Japanese yen’s gains plateaued out on Friday heading into the weekend. Looking forward, we have a number of influential data releases this week. Today we have buildings permits data out of Canada and later on this evening we have consumer confidence figures from New Zealand. Later in the week we have trade balance, inflation data and employment statistics out of Canada, inflation figures out of Switzerland, key labour data from Australia and a speech from the governor of the Bank of Japan. Get in touch with your trader for live rates throughout what promises to be an interesting week.
