- It’s been a difficult few days for the Canadian dollar, which, after a starting the week on solid footing, stumbled on Wednesday. Strong figures out of the US triggered a sell-off of Canadian dollars as traders looked to buy up its strengthening US counterpart. The currency was also hampered by inflation figures released on Wednesday, which showed a fall of 0.1% on the previous month and left the door open for a central bank rate cut. Slightly better-than-forecast monthly growth data released yesterday was not enough to dampen fears over the longer-term outlook of the economy. As such, we saw the currency drop to seven-week lows.
- After strong data out of China, Australia’s biggest trading partner, the Australian dollar also had a strong start to the week. Early yesterday morning building approvals figures came out significantly below forecast, and as a result the early-week gains were reversed as the currency fell against all of its 16 most-traded peers.
- It was yet another difficult week for the Russian rouble, which brought its monthly losses for July up to 4.8% as turmoil in Ukraine continued to weigh on the Russian economy.
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