The Australian and New Zealand dollars continued to plummet as the Dow dropped another 150 points to a 6 week low.
There was no data released from either country and gold prices continued to fall which means that risk aversion is the primary driver. The same can be said of the Canadian dollar because it also fell significantly despite stronger housing starts and another record high in oil futures. The Canadian trade balance and the new housing price index are due for release tomorrow. We expect both of these numbers to be CAD positive but it remains to be seen whether that will have a lasting impact on the Canadian dollar.