The pound collapsed on Friday as markets were rattled by the contents of UK Chancellor Kwasi Kwarteng’s mini-budget.
Rising commodities prices added to the resource-linked currency’s gains.
Below-forecast economic data tempered AUD’s upside, however. Inflation printed slightly lower than expected, while retail sales growth slowed sharply in June.
An ongoing risk-on market mood has helped the ‘Aussie’ continue to climb this week.
Looking ahead, the Reserve Bank of Australia’s (RBA) interest rate decision on Tuesday could boost AUD. Markets expect a third consecutive 50-bp rate rise.
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)