The Canadian, Australian and New Zealand dollars all strengthened against the greenback as oil and gold prices edged higher.
New concerns about supply drove crude oil prices up more than $5 a gallon while gold, which is often seen as an inflation hedge increased more than $14. Australian employment numbers are due for release this evening and even though consumer confidence fell to a 16 year low, employment growth may have actually increased last month because the employment components of both the service and manufacturing PMI reports accelerated. New Zealand on the other hand will be releasing their business PMI report and food prices. We expect the Australian dollar to continue to outperform the New Zealand dollar.
