Euro Snaps Back But Dollar Still King

The Canadian and New Zealand dollars ended the day slightly higher while the Australian dollar trailed behind. Canada’s GDP report was better than expected with the economy expanding by 0.7% in the month of January, up from 0.1% in December. The New Zealand dollar shook off softer business and consumer confidence while the Australian sold off ahead of tonight’s manufacturing PMI, trade, and retail sales report. Last night’s building permits number from Australia was very strong, reinforcing the country’s healthy fundamental backdrop.

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