The euro slumped on Thursday following the European Central Bank’s (ECB) latest interest rate decision.
The New Zealand dollar’s losses were exacerbated last week by a dovish Reserve Bank of New Zealand (RBNZ) policy meeting, which saw it hint that it remained open to the possibility of a rate cut.
Meanwhile, the ‘Aussie’ briefly struck a new 18-month low last week, before beginning to recover in the latter half of the session as it took advantage of the retreat in the US dollar.
Looking ahead this week’s session looks to continue to be dominated by trade uncertainty, with an escalation in tensions between the US and EU likely to see AUD and NZD face further pressure.
Further impacting the Australian Dollar will be the Reserve Bank of Australia’s (RBA) latest policy meeting, with a neutral outlook from the bank unlikely to lend much support to the ‘Aussie’.
Meanwhile a possible drop in dairy prices could see the ‘Kiwi’ struggle, especially amid a lull in notable domestic data.
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)