The aussie is the laggard
It's a mixed day for commodity currencies as the kiwi leads the charge while the aussie sits at the bottom of the pile ahead of European trading. The aussie has been weighed lower by weaker risk sentiment but traders are citing that milk production data has also helped to compound losses in the aussie and boost the kiwi due to cross selling in AUD/NZD.
New Zealand milk collection for October rose by 6.5% from a year ago and represents the strongest October reading over the last five years. That helped to give the kiwi a bit of a late boost in Asian trading against the aussie. As a reminder, the GDT dairy auction will be held later on in the day as well.
Aside from that, it's been a quiet one for currencies in general with most major currencies still ranging for the most part. Things are more lively in the equities space with Asian shares suffering after Wall St's poor performance overnight. Expect similar tones to continue into European trading as well.
Here are the ranges for the dollar pairs so far:
- EUR/USD - 15 pips
- USD/JPY - 26 pips
- GBP/USD - 28 pips
- USD/CHF - 21 pips
- USD/CAD - 13 pips
- AUD/USD - 32 pips
- NZD/USD - 22 pips
