The Australian, New Zealand and Canadian dollars have weakened across the board as the US dollar extended its gains, commodity prices pared back and economic data disappointed.
Despite a strong labor market, wage growth in Australia slowed in the first quarter while foreigners reduced their holdings of New Zealand bonds. The New Zealand dollar has weakened significantly over the past few months, having just hit a fresh 3 month low against the US dollar this morning. New Zealand retail sales and the business PMI report are due for release this evening followed by the Australian consumer inflation expectation and weekly wage report. Even Canada has their manufacturing shipments report due for release, so expect some continued volatility in the commodity producing countries.