The commodity currencies lost ground against the US dollar on the back of lower oil and gold prices.
New Zealand’s GDP figures came in stronger than expected, with main contributors being rising dairy, petroleum and petroleum products exports. In spite of strong growth figures, fears of a slowdown continue to worry economists as the housing market continues to cool and businesses remain to be pessimistic. Next week’s releases should impact markets significantly, as business confidence coupled with ANZ commodity price, should help investors gain a perspective on the future performance of the business sector. Although no significant news was released for Australia and Canada today, upcoming releases promise to be a handful, with the Reserve Bank of Australia monetary policy meeting. Canada is set to release their GDP and unemployment figures.