The 400 point rally in US stocks has driven the Australian, New Zealand and Canadian dollars higher.
Even though the RBA felt that inflation could rise further and the economy remains strong, the minutes from the last monetary policy meeting was less hawkish than the February meeting. New Zealand Finance Minister Cullen on the other hand warned that the country could not rule out a recession, but there was no impact on the New Zealand dollar. Canada reported stronger than expected consumer prices and although the annualized pace of headline inflation slowed, the pace of core price growth accelerated. Only minor data are expected from the commodity producing countries tomorrow including Australian leading indicators, New Zealand credit card spending and Canadian wholesale sales.