020 7898 0500Monday was a quiet day on the fundamental side beyond the US dollar and euro markets. Outside the rates race (which no longer seems to be a race, but when the US will commence a raise) the other focus was on the global commodity price collapse. The main commodity based currencies – the Australian, New Zealand and Canadian dollars – all fell during the session versus its major peers.
Copper is at its lowest price since 2009 at $4,500, iron ore has softened and gold has plunged, affecting Australia, New Zealand and Peru. At the same time, Canada, Russia and Colombia’s currencies have been weakened primarily by their reliance on oil exports.
Today sees the Reserve Bank of Australia Governor Glenn Stevens giving a press conference to discuss the Australian economy and the value of its dollar. Also on the agenda for today is the Bank of Canada Review, which is related to economy and central banking. We shall see how they both address the current issues driven by the commodity slide.
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