Friday saw the Euro fall to its lowest level against the US Dollar since 27th May, closing at 1.0827. The day was light on volume, with only limited economic news out.
The key indicators that were released came in without much impact – US building permits slightly beat expectations at 1.34m whilst CPI and Core CPI met expectations at 0.3 and 0.2 per cent respectively.
At the same time, Canadian Core CPI was released and came in at 0.0%, beating the -0.1% forecast. The release had a brief gain for the CAD against the USD, but it reversed the gain in around 3 minutes.
Monday is also expected to be quiet with Canadian wholesale sales out at 15:30 GMT 3 the other key indicator on the calendar. Tuesday is also set to be a quiet one with the minutes of Australia’s Monetary Policy meeting to be released, but nothing else likely to cause a sharp movement.
The Australian Dollar is lurking only a few pips above the six year low that was set on Wednesday. Currently at 0.7373 against the US Dollar, and GBPAUD up at 2.1142, the Aussie is struggling across the board and was one of the worst performing currencies on Friday.