020 7898 0500Commodity currencies around the globe largely outperformed their major trade partners yesterday, with the Canadian dollar leading the way. Following a turnaround in US dollar investor sentiment, its Canadian counterpart rose to the highest level against the US dollar we have seen so far this year. With positive movement also seen for the Canadian dollar against sterling and the euro, investors will be hopeful that Friday’s employment data will further boost the currency.
This level of strength did not extend across all commodity currencies however, and New Zealand dollar strength hampered by weakness in the stock market. It was still a positive day overall for the Antipodean currency, with the lowest unemployment level since early 2009 helping to push the currency to a two-week high against sterling.
Today will largely see attention focused on the UK, as the latest interest rate decision from the Bank of England is released. Elsewhere, Australian quarterly business confidence figures will provide some interest.
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