The Diverging Performance of Commodity Currencies

[DailyFx]

There has been a sharp divergence in the performance of the Australian, New Zealand and Canadian dollars this week.


The Aussie has held near its year to date highs thanks to hawkish comments from the Reserve Bank of Australia and stronger than expected employment numbers. The New Zealand dollar on the other hand has plummeted to 3 month lows as employment falls by the most in 19 years. The Canadian dollar has been stuck in a very tight trading range and is now making another attempt to break lower on the back of stronger employment numbers and record oil prices. Relative performance has played a big role in the price action of the 3 commodity currencies but that could change in the coming week with no major economic data released from any country other than New Zealand, who has retail sales and producer prices on their calendar.