The Canadian dollar dropped to two week lows against the US dollar on Tuesday, as the US currency was strengthened by the congressional testimony by Federal Reserve Chair Janet Yellen. The Canadian dollar was also feeling the pinch from the weak Canadian domestic retail sales published last Friday, which had given the indication that the Canadian Central Bank could be likely to implement another rate cut.
Tuesday was also a poor day for the New Zealand dollar, which faltered following a report that showed inflation expectations for New Zealand had declined in the last quarter. The official report by the Reserve Bank of New Zealand said its inflation expectations for the next two years had fallen by 0.3% to 1.8% in the fourth quarter of 2014.
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