The Canadian dollar stumbled in the wake of below-forecast economic growth figures, which were released yesterday afternoon. April’s output rose by just 0.1%, with the Canadian production industry, specifically energy production, contracting by an estimated 0.3%. As a result, we saw the Canadian dollar fall against the majority of its most-traded peers, as speculation that the central bank may be looking towards an interest rate hike dwindled.
Early this morning we had economic health figures out of China, which were positive coming in at six month highs. The belief is that the worst of the economic hiatus is behind China, whether that is the reality we will have to wait and see. There was also an interest rate decision from the Reserve Bank of Australia, where they decided to keep interest rates at historic lows.
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