Good Data, Broker Squeeze = FX Risk Recovery

The commodity currencies were mixed. The New Zealand dollar was the best performer despite weaker trade data. The Australian dollar steadied thanks to stronger export prices. Producer prices are due for release tomorrow and is expected to be firmer. The Canadian dollar did not participate in the recovery despite stronger earnings. Part of that may have to do with tomorrow’s GDP report. Investors are concerned that growth was weaker in November but with retail sales and trade ticking up, the risk is to the upside for the report.

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