Elsewhere, Friday’s big mover was the Canadian dollar. After a strong start to the month, which saw it climb to four-month highs against the US dollar, its most-traded peer, the Canadian dollar lost a lot of ground following the release of significantly lower-than-forecast employment figures. A string of positive data over the last few months gave ammunition to central bank policy makers to implement a hike in interest rates, but Friday’s shock figures reduced the likelihood of a move. Eyes will be on this Friday’s monthly manufacturing sales figures, which will present an opportunity for the currency to bounce back.
Looking forward to this week, it promises to be an interesting few days for the Antipodean currencies, with a number of events to keep an eye on in New Zealand and Australia. Out of Australia early this morning we had business confidence figures, and later this week we have the annual budget release and new motor vehicle sales data. New Zealand also have their budget release, as well as retail sales figures and a speech from the central bank Governor, Graeme Wheeler. Both currencies, particularly the Australian dollar, will be impacted by Chinese industrial production figures released tomorrow. Furthermore, we also expect growth data to be published from Japan on Thursday, closely followed by Hong Kong growth data on Friday.
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