The Australian, New Zealand and Canadian dollars tanked today as speculators poured out of commodities.
Oil prices are down $6 a barrel while gold prices fell a whopping $38. The yellow metal is now below $1000 an ounce and the liquid gold (oil) is closing in on $100 a barrel. Australian economic data was slightly weaker than expected with the annual growth of dwelling starts rising only 2.4 percent. Canada reported a stronger than expected wholesale sales number, but that did not prevent USD/CAD from climbing breaking higher. Tomorrow we have leading indicators and international securities transactions, both of which we expect to be CAD negative.