The ‘Aussie’ was little moved against its rivals during local trading due to a lack of domestic data but did manage to inch higher against the US Dollar thanks to gains in the global equity markets. Traders will be looking ahead to tomorrow’s Reserve Bank of Australia policy meeting minutes.

New Zealand Dollar

The New Zealand Dollar was little moved against the Pound but was holding close to record highs against the US Dollar as economists expect the Federal Reserve Chairwoman to say that the world’s largest economy will continue to need stimulus measures for a longer period of time. If Janet Yellen uses tomorrow’s testimony to suggest that there will be no interest rate hike in the near future we can expect the ‘Kiwi’ to make gains.

Canadian Dollar

The Canadian Dollar fell from a six-month high against a number of peers last week after data showed that jobs were unexpectedly lost in June. The nation’s unemployment rate climbed to its highest level of the year so far, rising to 7.1%.

South African Rand

The Rand remains under heavy pressure against the majority of its peers after the National Union of Metalworkers of South Africa (Numsa) rejected a wage offer. The strike has now dragged on for a fortnight, raising fears that it could repeat the recent five-month long strike in the platinum mining sector.

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