The Australian and New Zealand dollars were the best performing currency pairs today as hawkish comments from the Reserve Bank of Australia cemented the currency’s status as the only leading high yielder to still be raising interest rates.
According to a statement released by the RBA last night, monetary policy could be tightened further if economic growth does not slow materially. The New Zealand dollar is up marginally as it rides on the coattails of Australia’s good news. The Canadian dollar on the other hand sold off following weaker than expected growth in house prices.