Canadian dollar makes moves

The big mover early in the week was the Canadian dollar. The Canadian currency showed notable gains against the majority of its peers on Tuesday, with significantly better-than-forecast retail sales data injecting confidence into the Canadian market. This confidence continued, as the Canadian currency held steady through Wednesday, and gained further still yesterday off the back of oil price speculation. The New Zealand dollar, after a fairly weak day on Wednesday, was the standout performer yesterday off the back of the Reserve Bank’s interest rate decision. The rate was held at 2.50%, but investors were left with the impression that come the first quarter of 2014, rates could well be on the rise. The Japanese yen had a bit of a seesaw week, with demand for the low risk currency fluctuating as confidence in global stock markets wobbled. Today, inflation data out of Tokyo this lunchtime will be likely to have an impact on the Japanese yen. Otherwise, a fairly quiet day. Get in touch for the latest rates.