Inflation and data sales from Canada were anticipated by investors throughout the week and did not disappoint. These provided a positive surprise, allowing the Canadian dollar to claw back some of the losses it experienced following Bank of Canada Governor Stephen Poloz’s statement that an interest rate cut was possible if the economy were to worsen.
Turkey’s courts decided to block the access to social media site Twitter on Friday, only days before elections. This was followed by rumours of a corruption scandal involving Prime Minister Tayyip Erdogan. The currency market responded negatively to the lira given the instability.
This week starts off seemingly calm with no major data releases. We look forward to trade balance data from New Zealand on Wednesday, as well as interest rate decisions from Norway and South Africa on Thursday. Investors will be keeping an eye on these results, which could affect the related currencies.
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