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The greenback traded on relatively solid ground today despite a mixed set of economic data. The dollar was up against the yen and the euro but slipped versus the UK pound and fell sharply against the Canadian dollar.

GBP/USD extended its three day rally moving back above 1.56 for the first time in four days. “Cable” remains above the support area at 1.5570.

Commodities took another beating today after China’s main stock index the Shanghai Composite plunged by 8.5%. The Chinese authorities have staged a massive intervention in recent months to try to stabilize the stock market.

The dollar fell sharply after a mixed set of data and also as Chinese financial markets went into “free fall” again plunging over 8%.

The yen rallied in the wake of an IMF report on Friday. The IMF warned that Japan should prioritize its reform program again popularly called “abenomics” and not to rely on a weaker yen to solve its economic stagnation.

New Zealand’s central bank (RBNZ) lowered interest rates this morning – a decision that was widely anticipated. The cut of 25 basis points allowed the kiwi to rally.

The British pound fell abruptly this morning after the release of a disappointing set of retail sales figures. GBP/USD fell 0.7% taking the level back...

The yen was weaker today against the dollar and sterling after a business report showed that the Japanese economy continues to languish. This is despite...

GBP/USD had its first daily advance on Wednesday after six down days. “Cable” rebounded from the 50-day moving average where support was forming a solid floor.

Commodity currencies were trading nervously in the run up to an announcement from the RBNZ’s monetary policy committee. New Zealand’s reserve bank is widely expected to lower rates by 25bp to 3.0% today.