- Friday saw the Australian dollar weaken against most currencies apart from sterling following on from Thursday’s poor performance. Below-forecast building approvals data on Thursday weighed on the currency, and the impact was felt throughout Friday. It was undermined further by rumours that the US will look to cut back stimulus levels at a faster rate than expected, which is bad news for the export-reliant Australian economy.
- It promises to be an interesting week for the Australian dollar with retail sales, trade balance, and unemployment figures being released. There is also an interest rate decision tomorrow and a monetary policy statement on Friday. With China being Australia’s biggest trading partner, Chinese trade balance figures released on Wednesday are also likely to impact the Australian currency.
- Elsewhere this week we have employment figures from New Zealand and Canada. Also out of Canada we have trade balance, building permits, and economic health data. Other than these releases, the only other event of note will be a monetary policy statement from the Bank of Japan.
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