The euro slumped on Thursday following the European Central Bank’s (ECB) latest interest rate decision.
These concerns were initially driven by the release of China’s latest trade figures after Chinese exports unexpectedly slumped to a two-year low in December.
AUD and NZD exchange rates then remained on the back foot through much the remainder of the week, with limited domestic data and weak risk appetite undermining the pair.
Looking ahead, both the Australian dollar and New Zealand dollar may struggle over the first half of the week after Chinese GDP was revealed to have fallen to a 29-year low in 2018.
In terms of individual movement, the ‘kiwi’ may be set back on Tuesday by the release of New Zealand’s latest CPI report, with economists forecasting that domestic inflation will have stalled in the fourth quarter.
Meanwhile, the second half of the week may see the ‘aussie’ undermined by Australia’s jobs report if employment growth slowed in December, as expected.
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)