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Weekly roundup: AUD, NZD stumble as USD bounces, AUD suffers as inflation disappoints

currency-newsWeekly roundup: AUD, NZD stumble as USD bounces, AUD suffers as inflation disappoints
The Australian dollar and New Zealand dollar both tumbled on currency markets last week as some disappointing domestic data and the resurgent US dollar left both currencies without much of a leg to stand on.

Both AUD and NZD found themselves tumbling against the majority of their peers last week as the rebound in USD and weaker commodity prices left the two currencies a little under the weather.

The Australian dollar in particular suffered last week with the release of Australia’s latest CPI report. Investors shied away from the ‘Aussie’ as inflation came in lower than expected in the fourth quarter.

Meanwhile the New Zealand dollar showed a little more resilience thanks to a surprise surplus in the country’s latest trade balance figures on Monday. Ultimately, however, it struggled to hold onto these gains as the week dragged on.

The focus for both AUD and NZD investors this week is likely to be on each currency’s respective central bank policy meeting as both the Reserve Bank of Australia (RBA) and the Reserve Bank of New Zealand (RBNZ) hold their first policy meetings of the year.

While neither bank is expected to alter monetary policy, there has been considerable speculation over the possibility of a rate hike from the RBA later this year, so AUD investors are likely to be left disappointed if the bank remains neutral in its outlook.
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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