It’s been a bad week for the commodity based currencies as fears of a slowdown of the Chinese economy too hold of the global financial markets. The currencies of South Africa, New Zealand, Australia and many more have really felt the crunch, and have weakened more than 2% against the US dollar. As a result, many Australian currency strategists have slashed their end of year forecasts. Data releases this week have had little effect on these currencies; the New Zealand dollar had some good data this week, especially in their trade balance – but their fall of 3.5% against the US dollar suggests otherwise.
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