It’s rather rare to see AUD/NZD as the top mover but there it is. And, just from a quick glance, AUD/NZD, GBP/AUD, NZD/CAD, GBP/CAD, we know then AUD and CAD are the strongest while GBP and NZD are the weakest.
It’s easily reflected in the D heat map. But are the strong ones that strong and the weak ones that weak?
A look in the W heat map, we see that NZD is in red all the way, and is trading below last week’s low against USD, JPY , CAD and AUD. Yes, the weakness is apparent.
How about GBP? It’s just down again USD and CAD for the week. If BoE is as dovish as some people said, we should be seeing GBP all the way in red like NZD. But no. When BoE is still on track for a hike, it’s not dovish. And as we pointed out earlier, the overall announcement was still more hawkish than the least hawkish scenario.
CAD is clearly in all deep blue, even against USD, except versus JPY and AUD. Trump’s boost to oil price is apparent. Still, CAD will face a test of employment data tomorrow. We’ll see when it can pocket the gains for the week.
AUD? It’s just mixed. For now, it’s even trading down for the week against GBP!
