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Easing trade tensions boost Australian and New Zealand dollars

currency-newsEasing trade tensions boost Australian and New Zealand dollars
Market reaction to the Fed’s interest rate hike offered some support to the risk-sensitive Australian and New Zealand dollars, even though further monetary tightening is anticipated.

As the Reserve Bank of New Zealand (RBNZ) showed no shift in outlook at its September meeting this limited the potential for New Zealand dollar gains.

While the risk of an interest rate cut did not increase investors remain reluctant to heavily favour the ‘Kiwi’.

August’s disappointing raft of trade data also weighed heavily on the outlook of NZD exchange rates.

A weaker Chinese manufacturing PMI, meanwhile, limited the upside potential of the Australian dollar.

August’s Australian trade data could put further pressure on AUD exchange rates this week, with investors anticipating a modest narrowing of the trade surplus.

Both the Australian and New Zealand dollars also remain vulnerable to bullish US data or a weakening in market sentiment.
 
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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