European currencies underperformed commodity currencies Thursday as stronger data out of Asia sent the Australianand New Zealand dollars sharply higher. More than 60K jobswere created in March with full-time work rising by 74.5K, the largest increase in 2 decades. Part-time work fell but the loss was small relative to the increase in full-time work. The improvements in the labor market encouraged more Australians to return to the workforce as evidenced by the rise in the participation rate. Economic conditions in New Zealand also seem to be improving with manufacturing activity accelerating at its fastest pace in 14 months. Most importantly, China’s trade balance beat expectations, with the surplus rebounding back to $23.93B from a deficit of -$9.15B, exceeding the market’s $12.5B forecast. Both exports and imports increased with the former rising by 22.3%, which also happens to be the largest single-month increase in 2 years. Data from the region was very good, allowing the Australian and New Zealand dollars to outperform their peers easily. The Canadian dollar, on the other hand, retreated as USD/CAD found support above 1.32. The currency pair’s relentless decline stopped right above the 200-day SMA. Although Wednesday’s growth revisions and comments from Bank of Canada officials support a further rise in the currency, the loonie enjoyed strong gains and the pullback in oil prices helped USD/CAD find support.
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