It was a relatively quiet day elsewhere yesterday, with few data releases of note. The main mover was the Indian rupee, which lost ground for the third day in a row – the longest decline all month. Although there were no definite reasons for the move, it is likely that a lot of importers did their month-end dollar buying and sold off rupees. The currency has been strengthening consistently throughout the month, with confidence building in light of the recent elections, and there is a chance that investors came to view it as overvalued.
The New Zealand dollar also lost some ground following the release of trade balance figures, which came in worse than forecast. Today is another fairly quiet day today in terms of data, with the only releases of note being the Swiss trade balance and employment figures.
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