Trade in the pound was erratic on Thursday after the Bank of England (BoE) disappointed with a 50bps rate hike.
Nevertheless, the Australian dollar found its gains limited by the release of Australia’s latest labour report on Thursday.
Employment was shown to have risen slightly higher than expected in January, although this was on the back of a surge in part-time contracts, with a slump in full-time employment - which has caused concern amongst investors.
At the same time, after a shaky start to the week, the New Zealand dollar was able to advance on Thursday as domestic manufacturing activity was shown to have rebounded more than expected at the start of the year.
Looking ahead the ‘Aussie’ may stumble in the first half of this week’s session with the release of the minutes from the Reserve Bank of Australia’s (RBA) latest policy meeting.
However AUD may fare a little better in the second half of the session if the domestic wage index comes in higher than expected on Wednesday.
Meanwhile NZD looks poised to advance if prices continue to rise at the latest Global Dairy Auction, with an expected uptick in retail sales in the fourth quarter also likely to support the ‘Kiwi’.
Joining the corporate trading desk in 2007, Phil now over sees all of Currencies Direct’s corporate dealing activity. Having gained experience working with hundreds of businesses to optimise international payments processes and execute comprehensive risk management strategies, Phil currently works with a portfolio of corporate clients whilst managing Currencies Direct’s overall market exposure
Phil has FCA approval and has completed the Certificate in International Treasury Management (CertiTM)