- The Canadian dollar dropped to one-week lows against its lively neighbour. This was largely due to a stronger day for the US, with further support being shown for the strength of the US economy as US personal spending and income data came out as positive figures. However, the Canadian dollar did show some signs of resistance, as Canadian raw material prices rose 6.1% in February, beating expectations for a 5.1% increase. It finished the day down almost half a percent against the US dollar.
- The Australian dollar also struggled against its US counterpart for similar reasons. Federal Reserve Chair Yellen’s speech on Friday showed optimism for growth in the US economy, causing weakness for the majority of the US’s major rivals.
If you are buying and selling international currencies, contact your trader today for the latest economic developments and how these are likely to affect your transactions.