The Canadian dollar pressed higher once again today, with USDCAD hitting lows of 1.0455 as economic data has proven to be bullish for the currency. The new housing price index for the month of May surged a greater-than-expected 1.1 percent, up from 0.8 percent the month prior. The sector remains buoyant as a whole with tight labor market conditions helping to fuel wage growth and drive up home purchases.
Meanwhile, the international merchandise trade surplus for May beat estimates as well, reaching C$5.9 billion, matching an upward revision to the figure for the month prior. This is particularly encouraging given the strong appreciation of the Loonie during that period, which has apparently not yet deterred demand for Canadian exports. Meanwhile, the Australian dollar brushed off softer-than-predicted labor market figures and rallied to new multi-decade highs of 0.8657, as the unemployment rate surprisingly picked up to 4.3 percent. The New Zealand dollar edged higher as well on an empty calendar, but the release of retail sales this evening has the potential to lead NZDUSD up towards 0.7850.