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The drop in commodity prices had most resources-linked currencies under pressure, with the Australian dollar at a four-month low and the worst of the major currencies.

The dollarydoo is down 0.2 per cent at $0.7394. The currency traded below $0.74 on Thursday for the first time since mid-January. It tumbled 1.5 per cent on Wednesday when the Federal Reserve decided to keep interest rates on hold, as expected, but looked likely to tighten monetary policy next month.

The Canadian dollar was next worst, weakening 0.2 per cent to C$1.3769 per dollar, while the Mexican peso dropped 0.1 per cent.

Bucking the trend among commodity currencies was the New Zealand dollar, which rallied 0.2 per cent. Data today showed inflation expectations for the June quarter rose to 2.17 per cent, their highest level since the September quarter of 2014.

The Japanese yen was ‎0.1 per cent softer at ¥112.58 per dollar, and briefly traded weaker than ‎¥113 to the dollar on Thursday for the first time since mid-March.

The dollar index, a measure of the US currency against a basket of global peers, was flat at 98.785 ahead of closely-watched non-farm payrolls data later on Friday.

Copyright The Financial Times Limited 2017. All rights reserved.
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