Aussie dollar down, Canadian dollar on the up

By Ricky Bean August 1st, 2013

Elsewhere, following Tuesday’s decline, the Australian dollar weakened further against it’s major partners, hitting fresh 3-year lows, due to continued speculation that the Reserve Bank of Australia would cut interest rates next week. Elsewhere, the Canadian dollar first fell following lower than expected monthly growth figures, before rallying to reverse this trend and ultimately gain on all of it’s major partners, thanks to encouraging signs of a US recovery. No more data is due from Canada this week, although signs of recovery in the US would in turn benefit the country’s currency. Another big mover worldwide was the South African rand, which fell against its 16 most-traded partner currencies, despite the country’s trade gap deficit narrowing in May to 7.7 billion rand ($775 million) from 11 billion rand. The rand weakened along with a number of emerging market currencies as the markets become nervous that the Federal Bank could start to taper off its quantitative easing program. Overnight we saw the release of Manufacturing PMI from China and later this evening sees the release of the Producer Price Index from the Australia, which could have an impact on the currency.  Call your trader now for the latest prices in world currencies.