Elsewhere yesterday, the Australian dollar opened trading at 3-and-a-half year lows, still feeling the impact of last week’s poor employment figures. The currency was given a lifeline, however, in the form of strong growth figures out of China, which came in above forecasts at 7.7%. As Australia’s biggest trade partner, strong Chinese growth figures are a good sign for the export-reliant Australian economy.
After a tough end to last week, the Canadian dollar also made up ground yesterday, following strong economic outlook data from the US. The US is Canada’s primary export destination, hence a strong US economic outlook stands Canada in good stead.
The Russian rouble slid further, dropping down to 5-year lows as it continues its transition into a free-floating currency. Investors wagered that the central bank has accepted the currency’s weakness in the free market, and will allow it to weaken further.
Looking forward to today we have manufacturing figures from Canada.
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