Demand For Yield Saves New Zealand Dollar, Canadian Data Questionable

The commodity bloc was pushing higher against the greenback Tuesday.

The Canadian currency was able to regain its footing thanks to a stronger than expected March housing starts report. Developers broke ground on 254,700 homes in Canada on an annual basis, a modest slip from February pace. However, we should remember permits data showed its worst trend since 1990. For the kiwi, demand for yield must be strong indeed. The NZIER business sentiment report for the first quarter dropped to a 33-year low as rate hikes slow the economy.