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Weekly Roundup: AUD, NZD weakened by trade concerns, falling commodity prices

currency-newsWeekly Roundup: AUD, NZD weakened by trade concerns, falling commodity prices
Both the Australian dollar and New Zealand dollars fell back last week, undermined by renewed global trade concerns and tumbling commodity prices.

Outside of a short-lived rebound on the back of a brief revival in risk appetite in the middle of the week, AUD and NZD exchange rates were marked by weakness last week - driven lower by global trade tensions and slumping commodity prices amidst a lull in notable domestic data.

Looking ahead, another lull in notable Australian data is likely to see movement in the ‘Aussie’ remain driven by market risk sentiment, with AUD exchange rates likely to slump if US-China trade tensions continue to flare
Meanwhile, following on from some weaker-than-expected retail sales figures at the start of the week, NZD looks likely to struggle ahead of the G20 summit, with the Reserve Bank of New Zealand’s latest Financial Stability Report potentially applying further pressure if it strikes a cautious tone in the face of growing global trade uncertainty.
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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