Chinese data expected to be supportive for commodity backed currencies

Elsewhere, on Friday we saw the Canadian dollar finish the week on a strong footing, rising against the majority of it most-traded peers. Friday’s gains came about after a report showed that the nation’s economy grew more than forecast in August, relieving some of the concerns that had arisen after the Bank of Canada lowered growth forecasts last week. The Australian dollar recovered from a difficult week on Friday, as the export-reliant economy was supported by strong manufacturing data out of China. A healthy manufacturing industry in the World’s second largest economy acts as a boost for the commodity-backed currencies, such as the Australian and New Zealand dollars. The Japanese yen also performed well, as overnight declines in the Japanese stock market leading into Friday morning boosted demand for the traditionally safe-haven asset. Looking forward to this week, out of Australia we have retail sales, trade balance, and unemployment figures. We also have an interest rate decision from the Reserve Bank of Australia tomorrow and a monetary policy statement on Thursday. Out of Canada we have employment and building permits figures, and the results from an economic health survey.  There are employment figures out of New Zealand, and a statement from the governor of the Bank of Japan tomorrow. Get in touch with your trader for updates and live rates