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Weekly roundup: AUD and NZD plummet amidst slump in market risk appetite

currency-newsWeekly roundup: AUD and NZD plummet amidst slump in market risk appetite
The Australian dollar and New Zealand dollar were both met by some aggressive selling last week as the surge in the US Dollar stifled market risk appetite.

Helping the ‘Aussie’ to temper its losses somewhat was the publication of Australia’s latest jobs report, which revealed a surprisingly large drop in domestic unemployment last month.

Likewise, the release of New Zealand’s latest GDP figures helped to cap the ‘Kiwi’s losses, after printing above expectations in the first quarter of 2021.

Looking to the week ahead, we could see AUD exchange rates appreciate following the release of Australia’s latest PMI figures, if private sector activity continued to accelerate in June.

In the meantime, the publication of New Zealand’s trade balance on Thursday could provide some lift for NZD exchange rates if the nation’s trade surplus expanded in line with expectations in May.
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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