The New Zealand dollar had a mixed day. Stronger-than-forecast quarterly employment figures saw the Antipodean currency climb to two-week highs against sterling on Tuesday night and into Wednesday. The currency lost ground throughout the day however, and the majority of the gains shown were pegged back. The Australian dollar traded in a similar pattern against sterling as its New Zealand counterpart. Both have enjoyed a positive few weeks against sterling gaining five cents plus as confidence in the commodity backed currencies increases. This may be short term as the Chinese economy is not growing as it once did.
The Russian rouble had a good day yesterday, strengthening by almost a percent against the pound as part of an investor trend back towards emerging markets, revealing that the recent slide in emerging market assets prices had been overdone.
Today sees the release of the Ivey purchasing managers’ index (PMI) figures from the Richard Ivey School of Business. These will give an indication of the purchasing activity of private sector companies and can have a marked impact on the price of the Canadian dollar.
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