Commodity Currencies (CAD, AUD, NZD) Commodity currencies were under pressure today with no economic data to really lead the majors higher against a down dollar. However, next week should provide for some action as the markets are expecting key data from New Zealand and Australia. Most notably, retail sales in the New Zealand economy should lend some short term strength as overall quarterly figures are expected to show a resilient consumer still living within the Kiwi borders. Australia will contend price indexes, taking note of the wage price report. Canadian dollar will likely continue its ties with crude oil, moving lower in the North American session as crude conrtacts dipped below the $60 a barrel at this afternoons settlement. However with a rebound expected, CAD near term strength looks encouraging.
Al Bawaba
Commodity Currencies (CAD, AUD, NZD) Commodity currencies were under pressure today with no economic data to really lead the majors higher against a down dollar. However, next week should provide for some action as the markets are expecting key data from New Zealand and Australia. Most notably, retail sales in the New Zealand economy should lend some short term strength as overall quarterly figures are expected to show a resilient consumer still living within the Kiwi borders. Australia will contend price indexes, taking note of the wage price report. Canadian dollar will likely continue its ties with crude oil, moving lower in the North American session as crude conrtacts dipped below the $60 a barrel at this afternoons settlement. However with a rebound expected, CAD near term strength looks encouraging.
