Today is the US Labor day holiday, as such the US are out and the currency market is particularly quiet. There is a complete lack of meaningful data releases today and the market seems to be largely in a holding pattern ahead of this week’s central bank announcements. The Bank of Canada, Bank of England and Reserve Bank of New Zealand all make their rate announcements this week. The RBNZ is the only central bank forecast to change policy, with a 0.25% cut expected. We’re seeing some weakness in the commodity currencies today but these are likely to take further direction from the Chinese trade data that is released in the small hours.

 

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