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Weekly Roundup: AUD, NZD rocked by flash crash, mixed Chinese data

currency-newsWeekly Roundup: AUD, NZD rocked by flash crash, mixed Chinese data
Both the Australian dollar and New Zealand dollar were hit by significant volatility last week following a sharp drop-off in risk appetite following the mini flash crash.

Currency markets were upended last week as thin trade and concerns over global growth prompted a sudden flash crash in currency markets, which saw the market shun risk-sensitive currencies such as the ‘Aussie’ and the ‘Kiwi’, with AUD/USD even briefly striking a  new decade low.

The Australian and New Zealand dollars were both able to mount a recovery throughout the latter half of the week however, with a drop in the US dollar leading many traders to flock back to the pair.

Looking ahead, both AUD and NZD investors are likely to pay close attention to the US-China trade talks taking place this week

Meanwhile in terms of data, a lift in retail sales in November may help to bolster the Australian dollar later this week, while an ongoing drought in domestic data may leave the ‘Kiwi’ struggling to find momentum.
 
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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