Commodity Currencies: Australian and New Zealand Dollars Soar on Acquisition News

The Australian, New Zealand and Canadian dollars all performed very well today despite mixed economic data.

The strength was driven by acquisition news from Morgan Stanley Group who snapped up Investa Properties for AUD 4.7 billion. The Canadian dollar benefited from stronger annualized growth in Canada as well as weak US growth. Australia reported a smaller improvement in the trade deficit but strong growth in capital expenditures. New Zealand on the other hand reported a sharp drop in business confidence.