The commodity dollars gained against the greenback with the help of Canadian retail sales, which were surprisingly strong as healthy labor market conditions helps fuel domestic demand. Tonight the focus will turn to Australia, as Q3 inflation is anticipated to remain fairly strong at 0.9 percent from the quarter prior and 2.1 percent from the year prior.
With the RBA still considered hawkish – but unlikely to raise rates before year-end – hotter than expected CPI data could keep the bullish tone in the Australian dollar alive and well. On the other hand, a decision by the RBNZ to leave rates steady - as expected - could lead the New Zealand dollar to sell off slightly.