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Commodity currencies smacked lower

Written by Sam Coxhead on January 5th, 2011.      0 comments

8:45 AM (NZT) The commodity currencies have been led lower in the last 24hrs as the Australian dollar gives up some of the gains it saw in the thin trading markets between Christmas and New Year. The New Zealand dollar and the Canadian dollar under pressure also as the GBP bounces on some better than expected manufacturing and housing numbers. Also adding a boost to the recently beleaguered GBP is the rise in the inflation expectations to 3.5% for the coming year.

It would appear that we have seen the lows of the NZD against the AUD for the time being. In a market that sees the AUD as the barometer for global growth, this sudden pressure could well be a sign of things to come. While we have seen a bounce off the lows for the AUD,NZD and CAD, the bounce remains shallow at this stage.

    Last 24 hours trade
  Current level Low  High
NZD/USD 0.7673 0.7636 0.7756
AUD/USD 1.0058 1.0024 1.0200
NZD/AUD 0.7630 0.7587 0.7639
AUD/NZD 1.3106 1.3090 1.3180
NZD/GBP 0.4924 0.4888 0.5004
NZD/EUR 0.5767 0.5697 0.5798
NZD/JPY 62.97 62.54 63.37
NZD/CAD 0.7665 0.7604 0.7691