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Weekly Roundup: Australian dollar rebounds on solid employment figures

currency-newsWeekly Roundup: Australian dollar rebounds on solid employment figures
The Australian dollar initially got off to a poor start last week, with AUD investors being spooked by China’s Covid resurgence as Beijing moved to impose new lockdown restrictions on millions of people and forcing many businesses to close.

This dip in the ‘Aussie’ was also underpinned by a pullback in commodity prices in the first half of the week.

A subsequent uptick in market risk appetite then got the Australian dollar started on the road to recovery. The improvement in risk sentiment appeared primarily linked to the prospect of a peace deal between Russia and Ukraine.

The rebound in AUD exchange rates then accelerated sharply with the publication of Australia’s latest employment figures. February’s figures revealed domestic unemployment unexpectedly fell to a new 13-year low.

Turning to this week we are likely to see a speech by Reserve Bank of Australia (RBA) Governor Philip Lowe be in focus at the start of this week, with any more hints regarding the ‘plausibility’ of a rate hike this year likely to buoy the ‘Aussie’.

Elsewhere we could see Australia’s latest PMI releases exert some pressure on AUD exchange rates if they report a slowdown of private sector activity as expected.
Philip McHugh

Philip McHugh

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)

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