Friday saw trade balance figures from Canada, which came out at -$2.9 billion, below the expected figure of -$2.5 billion. This demonstrated that the Canadian economy is increasingly reliant on its imports and that its export market is dwindling. These figures have remained negative for over a year and are no doubt contributing to the continued weakness of the Canadian dollar. Labour inflation figures were also released from Canada, and these came out as forecast at 0.4%, adding to concerns about the country’s rocky economy.
On Monday we have Australia’s Construction Index released, with figures expected to remain positive following last month’s drastic increase in performance from the construction industry. We should see some strength on the Australian dollar should the data prove to be positive again. Otherwise, the Australian dollar’s performance will depend on events elsewhere.
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