Good evening,

The performance of the US dollar last week against the major group of currencies was mixed.  The Kiwi dollar was the best performer against the Greenback as Graeme Wheeler, the Governor of the Reserve Bank of New Zealand, decided to keep unchanged the cash Rate at 2.25%. The Bank cut 25 basis points last March and then held this level at the April meeting, but given both Gross Domestic Product downtrend from 2014 and subdued inflation, is likely that a dovish monetary policy will be maintained if underlying domestic and international conditions won`t change. NzdUsd rose 98 pips to 0.7050 (+1.41% weekly). The Reserve Bank of Australia left unchanged as well the cash rate at 1.75% but the performance of the Aussie dollar was much weaker as on Thursday and on Friday as well AudUsd gave back almost all the gains of the previous 3 sessions. The rate closed last Friday at 0.7372 (+0.15% weekly) and Glenn Stevens, the RBA Governor, without mentioning explicitly Brexit, said that “Attention is now turning to some particular event risk”.  Both RBA and RBNZ stressed the recent uptrend in commodity prices, the volatility in China and global growth that slowed its pace.  The Canadian dollar rose 158 pips against the Greenback as UsdCad closed at 1.2772 (-1.24% weekly); the loonie dollar is considered a commodity currency alongside Oceanic currencies and Unemployment Rate data at 6.9% (May) that beaten the consensus (7.1%) could help the formation of another bearish wave of UsdCad.