On Tuesday, the Australian dollar weakened to a level last seen six-years ago against sterling, following the comments made at their monetary policy meeting early yesterday. Furthermore, it was then suggested that continuing weakness for the currency is likely, and indeed needed.
It was not much better for the Canadians, as their dollar weakened to its worst level in three-month high against sterling. Although buoyed by UK data at 9.30am, it failed to continue to strengthen and grew progressively weaker for the rest of the day – despite encouraging results out on foreign securities purchases. The only notable data for Canada today is the release of the Wholesale Sales Report. Forecasts for this suggest this month will be worse than last; failure to meet this expectation could continue the weakening trend.
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