The Australian, New Zealand and Canadian dollars all sold off against the greenback.
The biggest loser was the Aussie which was already suffering under the weight of a larger deficit. Imports were three times larger than exports which could be a growing problem as the US and Chinese economies begin to slow. There was no economic data released from New Zealand, but Canada actually reported stronger than expected IVEY PMI. After a series of disappointments, the surge to an 8 month high comes as a complete surprise. Canada will be releasing their employment report tomorrow morning before the US numbers. The rebound in the employment component of IVEY PMI suggests that employment growth should be stronger than the market’s 3k forecast.