Currency Note Worldwide

Commodity backed currencies on the rack

By Smart Currency January 17th, 2014

Elsewhere, the Australian dollar had a very poor week, dropping off significantly against the majority of its peers, particularly against sterling. After a strong weekend over which it touched one-month highs, the Australian dollar lost ground throughout the week, with the situation worsening early yesterday morning following the release of soft employment figures. The South African rand also had a troubled week, sitting around 5-year lows as labour disputes at the world’s three biggest platinum producers triggered concern in the market. As platinum is a significant South African export commodity, the situation could severely dent the nation’s output. After a difficult start to the week, the Canadian dollar recovered from four-year lows yesterday, spurred on by strong Foreign Securities purchases. We have got a quiet day on the data front today, but get in touch with your trader for up-to-date market rates.