Weaker Australian employment numbers, New Zealand business PMI and a strong Canadian trade balance failed to impact the Australian, New Zealand and Canadian dollars.
The Aussie and Kiwi resumed the rally that began at the beginning of the month while the Canadian dollar remained changed, having recovered earlier losses. The move in the commodity currencies were driven almost entirely by risk appetite and the rally in US stocks. Even though this should continue to play a role in the trading behavior of the comm. dollars, growth is beginning to weaken and that should eventually to a more meaningful in the Australian, New Zealand and Canadian dollars.