Mixed Data Leads to Mixed Performance in Commodity Currencies

High yielding currencies like the Australian and New Zealand dollars licked their wounds today. Economic data released overnight was mixed with home sales in Australia decreasing but business confidence increasing. New Zealand saw a drop in money supply growth but an increase in building permits.

Even Canada was faced with mixed reports; industrial product prices fell last month while raw material prices increased. Even though more data is due for release from Australia and New Zealand tonight we do not expect much more clarity until Wednesday when we get the Australian trade balance and retail sales figures. Canada has GDP due for release tomorrow. Strong retail sales and trade balance figures suggests that growth in May could have been strong.