020 7898 0500Commodity- based currencies flew in face of any positive news releases on Tuesday, instead following an oil and metal futures slump in the afternoon session. The Canadian dollar fell -0.8%, its Australian counterpart dropped by -0.35%, and the New Zealand dollar slid by -0.65%, all against the US dollar.
Also in the news was trade data from China. The country saw its trade surplus shrink from $63.3bn in January to £32.6bn as exports registered a 25.4% decline year on year compared to last month. Combined with the falling oil price from its two-month high as US supplies are seen to be growing, these events could continue to punish commodity-driven countries for a second day in a row.
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