The Australian and New Zealand dollars lost ground while the Canadian dollar rallied against the greenback.
Despite opening higher, stocks ended the day in negative territory indicating that the G7 meeting has failed to restore confidence and risk appetite. New Zealand economic data was also weak with QV house prices declining and retail sales taking a major hit. Rising food prices and the increasing cost of living left consumers with a hole in their pockets; CPI is due for release this evening. Australia on the other hand posted their Home loans and Investment Lending figures, both of which declined, with Home loan figures hitting a four year low, implying that demand for housing credit should continue to fall in light of high interest rates. Canada had only one release, which was new motor vehicle sales and they were also weaker than expected.
