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Aussie and Cad Dollars Drop Against the Dollar

November 23, 2011 by James Leave a Comment

The US Dollar is gaining more momentum against all of its major counterparts as risk aversion again takes hold of the market. The Commodity Currencies were hit the hardest by the lack of confidence.

The latest negative news from the Euro Zone affects the Aussie and the Loonie currency rates against the Dollar as the CAD reached a six week low and the Aussie dropped to its lowest point in more than a month.

According to Oanda.com's MarketPulse, among the reasons are the failed German 10-year bond auction and disappointing HSBC flash PMI release.

Canada’s bonds are the best performers during November amongst the G20 after UK and Australia. The EU debt crisis has driven yields on Italian government bonds to a new record while France has seen its credit-default swaps jump to the widest ever.

It looks like in the near term, the negative data will continue to provide more power to the USD against other currencies.

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