Safe haven currencies benefit from Chinese data and Crimean referendum

The Japanese yen and the Swiss franc continued with the strength they have carried throughout this week. These traditionally safe-haven assets have seen a boost in demand this week off the back of weaker than expected data out of China; as well as the on-going developments regarding the Crimean referendum.

The Canadian dollar also lost ground, notably against the US dollar, as oil prices dropped. Oil is a major Canadian export commodity, and the slide in value as a result of Chinese data could significantly impact Canadian trade balance should it continue in this vein.

The Turkish lira gained against the majority of its most-traded partners in response to news that the country’s current account deficit has narrowed.

Overnight last night we had employment figures out of Australia which came out better than expected, as well as a statement from the New Zealand central bank Governor.

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