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Weekly roundup: AUD and NZD stumble as market sentiment sours

currency-newsWeekly roundup: AUD and NZD stumble as market sentiment sours
The Australian dollar and New Zealand dollar both traded in a narrow range through most of last week, amidst a drop in business and consumer sentiment in Australia, and a weakening of business morale in New Zealand.

However, the two risk-sensitive currencies then came under considerable pressure at the very end of the week, amidst a sudden drop in market sentiment.

Looking to the week ahead, we could see AUD exchange rates appreciate following the release of Australia’s latest jobs report, if the nation’s unemployment rate continued to fall last month.

In the meantime, the publication of New Zealand’s first quarter GDP figures could extend some support to the ‘Kiwi’ this week, on expectations the country’s economy will have returned to growth in the first three months of 2021.
 
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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