Australian, New Zealand and Canadian Dollars Edge Higher

The Australian, New Zealand and Canadian dollars edged higher today as the US dollar retraced its gains. Canadian IVEY PMI came out 69.6, much stronger than the market expected.  The employment component of the report actually dropped from 59.3 to 58.2, which suggests that the Canadian employment numbers next week should be weak. Australia will also be releasing their labor market report. Given the drop in the employment component of service and manufacturing sector PMI, a larger number of Australians may have dropped off of June payrolls.  New Zealand only has their Business PMI index due for release – which we expect to be bearish for the Kiwi.