The Canadian dollar weakened on Friday, losing ground against the majority of its most-traded peers following the release of employment figures in the afternoon. The figures showed an unexpected rise in unemployment, from 6.9% to 7%, which reaffirmed the Reserve Bank of Canada’s cautious outlook for the economy. Earlier in the week the currency lost more ground, following growth figures and a statement from central bank policy makers, in which they stated slow growth could mean the low inflation rate becomes a major issue. Eyes this week will be on Stephen Poloz, central bank Governor, when he speaks on Thursday. Manufacturing sales figures on Friday could also impact the Canadian currency.
It promises to be an interesting week for the Antipodean pair, with a number of releases from both Australian and New Zealand. There is also a New Zealand interest rate decision, and speeches from both central bank governors. Elsewhere, we have a string of data out of China, including inflation and industrial production data. There is also a press conference from the Bank of Japan.
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