The Australian, New Zealand and Canadian dollars continued to rise on stronger economic data and higher commodity prices.
The Reserve Bank of Australia released the minutes from their latest monetary policy meeting and even though they were uncertain about the growth outlook, inflationary pressures forced the central bank to spend considerable time discussing the case for a rate hike. The only piece of New Zealand data released was the relatively unimportant visitor arrivals report. The Canadian dollar on the other hand benefitted from a rise in wholesale sales and foreign purchases of Canadian securities. Canadian consumer prices are due out tomorrow and we expect CPI to be strong given the rise in industrial product and raw material prices.