- A big day for the Canadian dollar yesterday saw it bounce back from the slide it has seen over the last week. Trade balance figures for June came in significantly above forecast, showing the biggest surplus for two years. The surplus was driven specifically by a growth in oil and metals exports, although other areas also performed well. This was a particularly significant release for Canada, with the central bank Governor, Stephen Poloz, having stated that he would look to exports to push forward the Canadian economy this year. Building permits and economic health figures released this afternoon will provide further insight into how the economy is performing, and these will be followed up by influential employment figures tomorrow. It promises to be an interesting few days for the Canadian currency.
- The New Zealand dollar dropped off for the second day following the release of employment figures. The figures, although an improvement on the previous release, came in short of forecasters’ expectations, and hence some gains that had been priced into the market were reversed on the release.
- Elsewhere, the Russian rouble and the Polish zloty lost ground following inflammatory comments made by the Polish Prime Minister regarding the Russia-Ukraine conflict.
- Employment data out of Australia overnight undermined the Australian dollar as it showed an unexpected increase in the unemployment rate to 6.4%
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