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Weekly roundup: Australian dollar finds fleeting gains on strong jobs report

currency-newsWeekly roundup: Australian dollar finds fleeting gains on strong jobs report
The Australian dollar trended broadly lower through last week’s session, with the risk-sensitive currency facing some pressure amidst notable USD demand as well as uncertainty over the situation in Ukraine.

While it only proved short-lived, the ‘Aussie’ was able to rally sharply in the second half of the week following the publication of Australia’s latest jobs report.

December’s figures revealed domestic unemployment dropped to a 13-year low, fuelling speculation the Reserve Bank of Australia (RBA) could bring forward its next rate hike to the second half of 2022.

AUD exchange rates have dipped in early trade this week after Australia’s latest PMI figures reported a shock contraction of service sector activity this month.

However these losses could be swiftly reversed with the publication of Australia’s upcoming consumer price index, which is expected to show an acceleration of domestic inflation in the fourth quarter and may bolster expectations the RBA could start raising interest rates this year.
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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