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Weekly roundup: Australian and New Zealand dollars under pressure ahead of central bank meetings

currency-newsWeekly roundup: Australian and New Zealand dollars under pressure ahead of central bank meetings
The Australian dollar struggled to find sustained support last week as a widened trade surplus was contrasted by a weakening of the third quarter consumer price index.

As the headline inflation rate slipped back below the Reserve Bank of Australia’s (RBA) 2% target this encouraged bets that the central bank will remain on hold throughout 2019.

Signs of weakness within the Chinese economy also put pressure on AUD exchange rates, with softening Chinese demand boding ill for the commodity-correlated currency.

The New Zealand dollar, meanwhile, came under renewed pressure as October’s ANZ consumer confidence index slumped markedly on the month.

With the New Zealand economy continuing to show signs of struggling, NZD exchange rates remained on the back foot.

Unless the third quarter New Zealand labour market data shows an improvement the mood towards the New Zealand dollar looks set to remain bearish in the days ahead.

Further weakness may also be in store for both the Australian and New Zealand dollars on the back of the latest RBA and Reserve Bank of New Zealand (RBNZ) policy meetings.
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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