020 7898 0500Elsewhere, the Australian dollar had a seesaw week, starting off strongly after data showed that retail sales had increased at the fastest pace in seven months. The currency fluctuated throughout midweek following the decision by the Australian central bank to keep interest rates at a record low of 2.5%, as well as strong trade balance figures on Wednesday. It then lost ground yesterday following markedly weaker than forecast employment figures. Similarly, after starting the weak on a strong footing, the Canadian dollar went on to struggle against sterling following significantly worse than expected building permits data released on Wednesday. The Czech koruna weakened significantly yesterday as the country’s central bank voted to start selling the currency for the first time in 11 years to try and avoid deflation as traditional monetary easing has not worked to date. The other currency to mention is the Romanian leu, which logged substantial losses on Tuesday as interest rates were cut by 0.25% – the fourth consecutive rate cut by the central bank. Overnight last night we had a monetary policy statement from the Reserve Bank of Australia, and later today we have employment figures out of Canada. Get in touch with your trader for a live rate.
