The best performing commodity currency today was the New Zealand dollar which staged a strong rally on the back of a sharp rise in producer prices last quarter. Retail sales were weaker but not very market moving.
The Australian dollar also gained ground but the rise was limited because of consumer sentiment which fell to an 11 month low. Canadian leading indicators and motor vehicle sales were also weaker than expecting causing the Canadian dollar to be the only one of the three currencies to underperform the US dollar. Commodity prices are higher today but their limelight was stolen by the broad volatility in the equity markets.