- The New Zealand dollar fell early yesterday morning following the release of the inflation figures which showed that wholesale inflation dropped by half a percent over the second quarter, and meant that pressure remains low on the Reserve Bank of New Zealand to implement an interest rate hike in the short-to-medium term. The last interest rate increase came in July, when the central bank opted to push them to a Developed World-high of 3.5%.
- The Chinese Renminbi gained in anticipation of Thursday’s manufacturing data, which is forecasted to show a third straight month of expansion in the sector. If this figures come out as forecasted this will also provide support for the Australian dollar, with China being their primary export destination.
- Looking forward to today, we have monthly wholesale sales data out of Canada, forecasted to come in around 2% behind the previous month’s figures.
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