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Weekly roundup: Australian dollar, New Zealand dollar tumble as trade concerns grow

currency-newsWeekly roundup: Australian dollar, New Zealand dollar tumble as trade concerns grow
The Australian dollar and New Zealand dollar’s both trended lower last week, with markets avoiding the currencies as fears of a global trade war were reignited once again.

The Australian dollar struggled last week, with investors shying away from the currency as it was undermined by weaker-than-expected domestic employment figures and concerns about static wage growth.

Meanwhile a lull in domestic data saw the New Zealand Dollar trade in a wide range against its peers throughout the week as it was left to the whims of traders.

Both AUD and NZD also suffered at the end of the session due to renewed global trade tensions, with the ongoing spat between the US and China unsettling markets.  

Looking ahead the Australian dollar could be set for further losses this week if the Reserve Bank of Australia (RBA) strikes a dovish tone in its latest quarterly bulletin.

Meanwhile the New Zealand dollar is expected to slip this week as New Zealand’s latest GDP figures are expected to report domestic growth slowed in the first quarter of 2018.
 
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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