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Weekly Roundup: Australian dollar bolstered by rising commodity prices

currency-newsWeekly Roundup: Australian dollar bolstered by rising commodity prices
The Australian dollar got off to a poor start last week, with the China-proxy ‘Aussie’ suffering as Beijing imposed new Covid-lockdowns on millions of people as part of China’s zero-Covid policy.

Applying additional pressure to AUD exchange rates in the first half of the week were some dovish comments from Reserve Bank of Australia (RBA) governor Philip Lowe.

However the Australian dollar was then able to mount a convincing recovery through the remainder of the week amidst a strong upswing in commodity prices.

This helped the ‘Aussie’ maintain a positive trajectory through the second half of the week, in spite of market risk-appetite see-sawing in response to heightened geopolitical tensions.

Looking ahead, the release of Australia’s latest retail sales figures will likely be a key focus for AUD investors this week, with a robust expansion of sales growth last month likely to reflect positively on the Australian dollar.

Also likely to continue underpinning the ‘Aussie’ is a persistent rise in commodity prices, which may help to offset any selling pressure which may stem from China’s decision to place its largest city, Shanghai into lockdown.
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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