The Australian dollar, Canadian dollar, and New Zealand dollar were the strongest major currencies on Thursday, though their sharpest moves didn’t come until after 12:00 ET. Indeed, after this time, oil suddenly shot higher and the US dollar plunged, benefiting the commodity dollars greatly. There was no formal “trigger” for the move, and the reality of the situation is that we’re still in the “summer doldrums”, in which low trading volumes contribute to extremely choppy price action. Looking to last night’s data, the New Zealand trade deficit narrowed to NZ$163 million in July from NZ$332 million, but this was due purely to a 6.2 percent slump in imports to NZ$3.34 billion as exports also slipped 1.6 percent to NZ$3.18 billion. The news didn’t have much of impact on NZDUSD, as the results were largely in line with expectations.