The commodity currencies are in an interesting spot right now.The US dollar is falling on a few fronts because the market is re-thinking the path of Fed funds. But they're re-thinking it due to slower growth and inflation.Rates are also relatively high in the commodity block, currently at:4.50% in Canada4.35% in Australia5.50% in New ZealandThe question is: If the Fed begins cutting aggressively, will those other central banks match them cut-for-cut?In the case of Canada, I think that argument is particularly compelling. Rates are biting hard in Canada and the housing market is floundering; the BOC has already lowered rates by 50 bps and I could see the case for getting to 2% in a hurry.Ther
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