The Australian and New Zealand dollars are stronger today thanks to a $13 rise in gold prices and a rebound in carry trades. There was no major data released from either country and aside from the NAB’s measure of business conditions in Australia, no major economic data is expected tonight either. Instead, the next move in these currencies will be largely contingent upon the market’s reaction to the Federal Reserve’s interest rate decision. Should the Dow rally on the rate announcement, we could a similar move in the high yielders. The Canadian dollar on the other hand has barely budged. Housing starts were stronger expected but that seemed to be offset by a drop in oil prices. This is a quiet week for the Canadian dollar and we expect more consolidation or profit taking around current levels.