Currency Note Worldwide

Canadian dollar strengthens

By Smart Currency September 18th, 2013

Elsewhere yesterday the big mover was the Canadian dollar, hitting 6-week highs against its US counterpart following the news that manufacturing levels had risen at the fastest pace in 5 months. Continuing signs of improvement to the economic situation in Canada, combined with easing tensions in the Middle East, have provided recent support for the Canadian currency. We saw little reaction from the markets to the release of local central bank meeting minutes out of Australia, which showed the door remains open to a future rate cut, although nothing imminent is expected. Having hit the highest rates in three months against the US dollar, the Australian dollar eased off slightly yesterday as markets were tentative ahead of tonight’s Federal Reserve meeting. For the same reason we saw the Indian rupee slide the most in two weeks, with emerging markets being particularly vulnerable to any tapering of US monetary stimulus. This morning we have economic projections from Switzerland, this afternoon the Governor of the Bank of Canada will be speaking and this evening we will GDP figures from New Zealand which are forecast to show growth of 0.2%. Get in touch for live rates