- The Canadian dollar lost out yesterday following on from robust growth data out of the States, which saw a sell-off of the Canadian currency as traders looked to buy into its US counterpart. Canadian inflation data released at the same time showed a fall of 0.1% on the previous month and left the door open for a central bank interest rate cut. Growth figures to be released this afternoon should give a little more clarity around the direction in which the Canadian economy is headed.
- The Swedish krona also lost ground yesterday after a report which showed that the economy had expanded by less than forecasters had predicted last quarter. This suggests that the economy’s recovery had not been as comprehensive as many had hoped. As a result, we saw the krona drop by as much as half a per cent against some of its major peers.
- The Japanese yen was the third casualty of yesterday, with industrial production figures coming in below forecast.
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