The Australian dollar struggled on Friday, topping off what was a difficult week for the antipodean currency. After having struggled throughout the second half of 2013, it showed some much-needed strength in the latter parts of January and into February. Over the last few weeks we have seen the Australian dollar drop back to an unstable footing, and general sentiment in the markets is that we will see this trend continue in the medium-term. Friday also saw the Japanese yen continue with the strength it showed at the back end of last week. The mobilisation of Russian fighter jets in response to political uncertainty in Ukraine injected some uncertainty in the markets, and as a result we saw demand increase for the safe-haven Japanese yen.
Looking forward, we have a very busy week on the data front. Out of Australia we have an interest rate decision, as well as retail sales, trade balance and building approvals figures. Out of Canada, there is also an interest rate decision, as well as unemployment, trade balance, and PMI economic health figures. There is also Chinese manufacturing and trade balance data. With so many releases expect a mixed week in the currency markets.
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