However, commodity currencies have seen more notable price action as USD/CAD broke above the 1.3100 level to trade at its highest level in 10yrs amid CAD weakness amid the ongoing commodity weakness, with Brent Sep’15 futures today breaking below the USD 51.00 handle. Elsewhere, AUD saw initial weakness after lower than expected Chinese Manufacturing and Caixin Manufacturing PMIs to see AUD/USD break below 0.7300 ahead of the RBA rate decision set to take place tomorrow. Of note the RBA are expected by the majority of surveyed analysts to keep rates on hold at 2%, with just three of the 28 surveyed analysts forecasting a 25bps cut.
Also of note, NZD has seen mild strength today amid new light fundamental news, however this does come ahead of this week’s GlobalDairyTrade Fonterra milk auction, which has recently seen weakness in NZD, with the GDT price index having fallen at every auction since March 3rd.
Looking ahead, as well as the RBA rate decision, tomorrow sees the RBI rate decision, UK construction PMI, Canadian Manufacturing PMI and New Zeland unemployment rate.
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