Currency Note Worldwide

Commodity backed currencies under pressure

By Ricky Bean December 9th, 2014

  • The New Zealand dollar had an awful start to the week as it dropped over 1% against its US counterpart. This took the pair to two-year lows as Friday’s upbeat US employment data continued to cement the American currency’s position as a safe haven currency. The New Zealand dollar crashed to 0.7642 against its US counterpart, the lowest the pair has seen since June 2012.
  • The Canadian dollar had a steady start to the week as it managed to maintain its position against the US dollar following Friday’s plummet to five-year lows. Canadian data showed that the economy unexpectedly shed 10,700 jobs last month. This was particularly unexpected as it followed two months of strong jobs growth. Unemployment also rose slightly, to 6.6% from 6.5% in October.

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