This morning, the Australian dollar is weaker after Chinese trade balance figures came in below expectations. The AUD/USD is sitting at the low end of its trading range and challenging the lows, while the AUD/JPY is set to extend its bear run.
The NZD/USD had been performing relatively well, but is on the reverse for these last two days.
Keeping with the commodity theme, the USD/CAD is rising again this morning after the Canadian dollar reversed its strength yesterday. Oil prices appeared to peak on Monday.
The US dollar index is on the rise after a mixed session yesterday and looks set to challenge Monday’s reversal.
The euro remains weak, with the EUR/USD at its lowest closing level since July.
Coming up today, we Canadian building permits at 13.30.
At 15.30, we have crude oil inventories at 15.30.
We get the RBNZ rate statement at 20.00. No change is expected.
This morning, the AUD/USD is struggling and appears set for another down leg as commodity demand takes a knocking from China.