Like the British pound, the Australian, New Zealand and Canadian dollars will be in play next week with a ton of data due for release.
The Australian dollar has another chance at making a run for the 25 year high on producer prices Sunday night. Inflationary pressures have been strong in countries around the world and Australia is no exception. Canada on the other hand has retail sales and consumer prices due for release. Given the sharp rise in today’s wholesale sales report, retail sales in May should be strong. Consumer prices on the other hand could actually surprise to the downside given the slower growth in industrial product and raw material prices. Meanwhile there is a monetary policy decision in New Zealand. Even though we do not expect the Reserve Bank to alter interest rates, RBNZ Governor Bollard could make cautionary comments that could hurt the kiwi.
