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Weekly roundup: AUD and NZD rally as risk appetite improves

currency-newsWeekly roundup: AUD and NZD rally as risk appetite improves
The Australian dollar and New Zealand dollar both strengthened last week, as the appeal of the two risk-sensitive currencies was bolstered amidst an improvement in market sentiment.

However, the ‘Aussie’s gains were tempered somewhat in the latter half of the week, following a ‘dangerous’ outbreak of coronavirus cases in Sydney, which resulted in large parts of the city being placed under new lockdown restrictions.

Meanwhile NZD exchange rates were further bolstered by New Zealand’s latest trade figures, as May’s data revealed the country enjoyed its largest trade surplus in 11 months.

While a prevailing risk-off mood is likely to sap AUD demand this week, the Australia dollar may be able to limit its losses, amidst expectations Australia will report a bumper trade surplus in May.

Likewise, the ‘kiwi’ may be able to hold on to some of last week’s gains if New Zealand’s latest business confidence index prints positively.
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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