The Australian dollar was a major beneficiary gaining over 200 pips to touch a high of 1.0430 against the US dollar.
Today’s the pair pulled back a touch, 1.0440 to 1.0390, after the RBA minutes revealed that the central bank had cut its forecasts for economic growth and inflation for the next two years.
The New Zealand dollar gained against the greenback (NZDUSD) overnight, with greenback weakening across the board due to less safe-haven demand.
The sterling gained ground against the greenback (GBPUSD) to reach a high of US$1.6060 despite weaker-than-expected services PMI data for the month of October pointing to slower growth for the British economy.
Trading in the euro was fairly volatile with the 17-nation currency dropping to a low of US$1.3660 after the ECB decided to cut interest rates by 25 basis points and announced Europe could be heading towards a ‘mild recession’.
Traders breathed a sigh of relief however, after it was reported that Greece would not have the opportunity to reject the recent bailout package, sending the euro to a high of US$1.3820.
Finally, the Canadian dollar rose for a second consecutive session against the US dollar (USDCAD) with Canada’s economy adding 15000 jobs last month.