The euro slipped on Friday as consumer confidence in the eurozone in May stayed close to the 22-month low reached in March.
The uptick in AUD exchange rates was also supported by a bullish market mood, which made the risk-sensitive currency more attractive to investors.
However tempering the ‘Aussie’s gains through the latter half of the week was the publication of Australia’s latest jobs report, which reported a rise in domestic unemployment, albeit a smaller one than had initially been forecast.
So far this week, the Australian dollar is off to another flying start, with the currency being underpinned by rising commodity prices as well as some optimistic minutes from the Reserve Bank of Australia’s (RBA) October policy meeting.
Still to come are Australia’s latest PMI figures, which could provide additional support to the ‘Aussie’ if they point to a rebound of economic activity this month.
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)