Reversal in Commodity Prices Drive Australian, New Zealand and Canadian Dollars Lower

The New Zealand dollar fell over 1 percent against the US dollar today as economic data was overwhelming weak with building permits, business confidence and money supply all falling short of expectations.

Business confidence actually dropped to a 17 year low, suggesting that difficult times lie ahead for NZD economy. Australia also reported softer home sales and private sector credit while Canada was the only outlier with stronger growth in the month of January.