A quiet day in the market elsewhere, with the majority of currencies being overshadowed by a strong British pound. The Japanese yen had a strong start to the day following the release of trade balance figures, which showed that the trade deficit had reduced significantly, helping Prime Minister Shinzo Abe’s attempts to exit deflation and return to sustained economic growth. This strength was boosted a few hours later by the central bank’s monetary policy statement, in which central bankers stayed on course with their growth-encouraging policy, and sounded upbeat on the outlook.
We saw the commodity-back currencies such as the Australian and Canadian dollars trade in a narrow range in anticipation of manufacturing figures out of China early this morning which were better than expected which was good news for the export-reliant economies, which will take encouragement from the figures with China being a primary export destination. Later today we have retail sales figures out of Canada.
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