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Weekly roundup: AUD, NZD weakened by dovish central bank statements

currency-newsWeekly roundup: AUD, NZD weakened by dovish central bank statements
The Australian dollar and New Zealand dollar both struggled last week as each country’s respective central bank dismissed the possibility of a rate hike in the near future.

The Australian dollar found itself tumbling last week following the Reserve Bank of Australia’s (RBA) first rate decision of the year.

Hopes of possible monetary tightening from the bank in 2018 were scuppered on Tuesday as the bank made it clear that it was still some way off its next rate increase, something that it repeated in its quarterly statement on Friday.

Meanwhile the New Zealand dollar showed a little more resilience last week on the back of an impressive labour report as domestic unemployment fell to a new nine-year low.

However the ‘Kiwi’ was also undermined by its central bank as the Reserve Bank of New Zealand (RBNZ) warned that lacklustre inflation would force the bank to leave rates on hold for the foreseeable future.

Looking ahead the Australian dollar may stumble again in this week’s session when the latest labour report is published, with employment expected to have slowed last month.

Meanwhile the New Zealand dollar may find some gains if domestic data reveals an uptick in manufacturing activity, as forecast, in January.
 
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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