Commodity Currencies End Week at Multi-Year Highs

The Australian, New Zealand and Canadian dollars performed extraordinarily well this week. The Aussie and Kiwi actually both hit new multi year highs today before giving back their gains. Import and export prices from Australia rebounded in the second quarter even though the annualized pace of growth in Australia saw the biggest drop in 3 years.

New Zealand on the other hand reported a sharp jump in credit card spending, which indicates that consumer demand is still strong. Looking ahead we are expecting inflation data from Australia, an interest rate decision from New Zealand and retail sales from Canada. Expect it to continue to be a busy week.