The euro slumped on Thursday following the European Central Bank’s (ECB) latest interest rate decision.
The New Zealand dollar’s losses were further extended last week by first quarter GDP figures which revealed that domestic growth slowed from 0.6% to 0.5% at the start of the year.
Meanwhile, while the ‘Aussie’ showed a little more resilience, a lull in domestic data still saw the AUD/USD exchange rate strike its lowest levels since 2016.
However both AUD and NZD perked up towards the end of the week as a surge in oil prices helped to support a broad rise across the commodity market, helping the currencies to recoup some of the ground lost earlier in the week.
Looking ahead, another quiet week of data could see movement in the Australian dollar continue to be driven by trade war fears, especially if Trump pushes ahead with plans to curb Chinese investment in the US.
Meanwhile the Reserve Bank of New Zealand will hold its latest policy meeting this week, with the ‘Kiwi’ potentially falling back if the bank remains broadly dovish in its policy outlook.
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)