Given the geopolitical problems around the world it’s not surprising to see the yen, Swiss and US dollar topping the pile this week, although the Norwegian kroner is a surprise as the sanctions on Russia will hurt their fish exports more than most.
The euro is probably another surprise given all the poor economic data this week, but it continues to defy all attempts to push it lower. Sterling held its own but the shine seems to have come off it for the moment, with good numbers having less of an impact and disappointing data seeing it sell off a little.
The commodity bloc held the wooden spoon, with each having their own problems.
The yen seems to be taking over as the lead safe-haven currency, given Switzerland’s proximity to Ukraine, presumably, while the US dollar lags a little. This is despite good economic data through the week with the lowest average jobless number over the past month in eight years.
Data out of the UK has turned mixed, with good service-sector numbers being offset by a lower GDP estimate, poor trade numbers and weaker production numbers.
The Aussie dollar suffered from terrible unemployment numbers - the highest rate since 2002 - while the New Zealand dollar was hit again by falling dairy prices, hitting a two-year low this week and down 46 per cent since February 2014.
The Canadian dollar was doing okay until it got hurt by another poor set of employment numbers, while the rand continues to suffer from industrial strife, with the employers this time refusing to accept wage agreements.
Click on the image (right) to expand view of this week's currency movements.
Next week sees the publication of the Bank of England inflation report and a speech from Governor Carney, along with some unemployment numbers.
Across the pond, the pick of the releases is centered on sales and manufacturing. The eurozone is perhaps more interesting, with more German economic sentiment releases, inflation and GDP numbers and a bank holiday for the French on Friday.
Elsewhere there is not much to report, but the main focus could be on the continued issues in Ukraine, Gaza and now Iraq.
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