The Canadian dollar made ground against all of its 16 most-traded peers on Friday, boosted by better-than-forecast employment figures. The figures, released early Friday morning, showed the North American employment market to be in better condition than previously thought, which dampened speculation that the Bank of Canada will look to an interest rate cut in order to spur on growth.
Friday also saw the Japanese yen lose a lot of the ground it had made over the previous week. With the stabilising of emerging market economies across the globe towards the end of last week, a new appetite for risk was injected into the market. As a result, we saw traders sell of their traditionally safe-haven yen and turn their attentions to higher-yielding assets in emerging markets.
Looking forward to this week, we have employment and business confidence figures from Australia. Out of China we have trade balance and inflation figures. We also have manufacturing sales figures out of Canada.
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