Elsewhere yesterday, the Canadian dollar dropped to 3-year lows against its US counterpart as the country’s trade balance deficit jumped to nine-times the figure economists had forecast. Policy makers have been talking-up the possibility of a boom in export levels over coming months, and the figures cast doubt over the legitimacy of such claims. The situation was exacerbated by renewed worries over the economic outlook for China, a major Canadian export destination. After a strong start to the year, the Australian dollar retreated yesterday from last week’s highs as sentiment among traders grew that the currency had been over-bought last week. As global stocks performed well yesterday, we saw the Japanese yen drop off against many of its peers, as the resulting appetite for risk triggered a sell-off of the traditionally safe-haven currency. A quiet day on the data-front today, but the markets have been relatively volatile so far this week, so expect some movement. Get in touch with your trader for a live rate.