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Weekly roundup: AUD weakened by domestic data, NZD drifts on quiet week

currency-newsWeekly roundup: AUD weakened by domestic data, NZD drifts on quiet week
The Australian dollar found itself tumbling last week as some disappointing data weighed heavily on the currency, while a quiet session for the New Zealand dollar left it a little directionless.

After initially strengthening at the start of the week thanks to an unexpectedly upbeat outlook from the Reserve Bank of Australia (RBA) the Australia dollar was forced lower in the second half of the session due to some disappointing data.

Wednesday saw the release of Australia’s third quarter GDP figures, with a slowing in growth prompting the ‘Aussie’ to trend lower.

Further denting the Australian dollar on Thursday was the publication of Australia’s latest trade balance which showed a sharp decline in the nation’s trade surplus in October.

At the same time it was a relatively quiet session for the New Zealand dollar last week with a rebound in dairy prices being the only real event to directly influence the currency.

Looking ahead, the New Zealand dollar may push higher this week if the currency is able to build off the positive sentiment following the announcement that Adrian Orr will take over a Governor of the Reserve Bank of New Zealand (RBNZ).

Meanwhile, the direction the Australian dollar takes this week is likely to be reliant upon Australia’s latest labour report on Thursday, with the ‘Aussie’ potentially strengthening if employment jumped in November as expected. 
 
 
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Currencies Direct is one of Europe's leading non-bank providers of currency exchange and international payment services. Since we were formed in 1996, we've maintained our focus on providing innovative foreign exchange and international currency transfer services to corporations of all sizes, online sellers and private individuals. We have also expanded our services to provide dynamic and pioneering "business to business" solutions to help companies, tier 2/3 banks and other non-bank financial institutions to process their international payments. Our headquarters are in the City of London (United Kingdom) and we have operations in continental Europe, Africa, Asia, and the United States. Currencies Direct is jointly owned by private equity firms Palamon Capital Partners and Corsair Capital.

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