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Weekly roundup: Australian and New Zealand dollars both struggle of trade war fears

currency-newsWeekly roundup: Australian and New Zealand dollars both struggle of trade war fears
The Australian dollar and New Zealand dollar both struggled last week as markets feared the impact Trump’s steel tariffs could have on the commodity-correlated currencies.

AUD and NZD both fluctuated in trade last week as concerns of a possible trade war over Trump’s proposals for a US tariff on steel imports caused markets to shy away from the riskier currencies.

The Australian dollar was also undermined last week by an unexpected slump in Australia’s Capital Expenditure in the fourth quarter, with Wednesday’s data revealing that private investment declined 0.2% at the end of 2017.

Meanwhile the New Zealand dollar fared a little better on the data front as it was supported by some better-than-expected trade figures, with the nation’s terms of trade striking an all-time high in the fourth quarter.

AUD investors are likely braced for a busy session this week as the Reserve Bank of Australia’s (RBA) latest rate decision, fourth quarter GDP and January’s trade balance will leave markets with plenty to mull over.

Meanwhile the main driver of movement in the New Zealand dollar this week is likely to be the latest Global Dairy Auction, with another decline in prices likely to pressure NZD.
 
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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