Dollar strength has forced the Australian and New Zealand dollars lower as the turn in the equity markets leads to another a wave of carry trade liquidation. The New Zealand current account deficit for Q3, which was released shortly before the US session close hit the highest level in 2 years. GDP is due for release tomorrow; bearish numbers are expected as well. The Canadian dollar on the other hand was the only commodity currency to rise against the US dollar thanks to stronger economic data and higher oil prices. Wholesale sales doubled expectations, suggesting that retail sales due on Friday could also be firm.
