Commodity Currencies are Firmer Across the Board

Australian data was mixed.  Home loans were weaker than expected but investment lending and the Manpower Employment survey were stronger.   Data patterns in New Zealand was the same with food prices growing by a meager 0.1 percent in February while the Manpower Employment survey increased from 25 to 32 percent.  Generally speaking, the labor market is tight in both Australia and New Zealand, spurring speculation that Australia could resurrect its monetary policy tightening later this year.  There is no Canadian data tomorrow, but New Zealand is expected to report retail sales while Australia release its business confidence survey.  Even though softer readings are expected for both, the tightness of the labor market and continually hawkish comments from RBNZ Governor Bollard still leaves scope for an upside surprise.