Drop in Oil Prices Drive Canadian, Australian and New Zealand Dollars Lower
The Canadian, Australian and New Zealand dollars have fallen under the weight of lower oil prices, steady gold prices and risk aversion.
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New Zealand and Canadian economic data were actually stronger than expected with service sector PMI in New Zealand rising from 51.9 to 55.5 and Canadian new motor vehicle sales and manufacturing shipments both increasing strongly. Tomorrow we have Canadian consumer prices. We expect CPI to be hot given the rise in industrial product prices and raw material prices. However where the commodity currencies go is really a matter of whether risk aversion exacerbates over the next 24 hours.
