Analysts at BBH suggest that the dollar-bloc currencies have fallen out of favour and is not just about unwinding of risk due to the geopolitical concerns.
“In New Zealand, the central bank's rhetoric protesting the currency's strength was turned up a notch. In Australia, the central bank governor also made it clear that there was no rush to tighten monetary policy. His message was one of patience. The Canadian dollar fell every day last week and in three of this week's five sessions. It is nearly flat in today's activity. This is the second consecutive weekly decline, which followed a seven-week rally in eight weeks.”
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