Commodity interest was providing little help to the FX comm bloc today; though there was significant event risk on each of the Australian, New Zealand and Canadian calendars to keep fundamental interests roused. The RBA released its policy minutes for the December 4th meeting; and according to the statement a follow up rate hike was halted by the credit market slump which had already raised the costs of lending. For New Zealand, the NBNZ business confidence report for December slipped for the second month, though tomorrow’s third quarter current account balance will present more hearty data to work with. Finally, Canadian inflation offered little support in keeping follow rate cuts from the BoC in 2008. Though headline inflation ticked higher thanks to gas prices, core inflation cooled to a 19-month low.
[I]Written By: John Kicklighter, Currency Analyst for DailyFX.com[/I]