Currency Note Worldwide

China boosts commodity backed currencies

By Smart Currency August 12th, 2013

Elsewhere, we had a quiet day on Friday with little data of high significance being released. After dropping earlier in the day, the Canadian dollar strengthened with oil (the country’s biggest export) and other commodity prices increased with better than predicted industrial output data from China, where any positive news is always taken as a sign for recovery in economy on a global scale. Similarly the Australian dollar also gained strength supported by the positive Chinese production data. The Norwegian Krone climbed to a 7 week high against the US dollar with strong inflation data coming out at an annualised 1.8% compared to 1.4% in June. Overnight we say the release of preliminary GBP data out of Japan and later on this week we will have retail sales data out of New Zealand and manufacturing data out of Canada. Call now for the latest news and updates.