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Weekly roundup: Australian dollar firms amid risk-on mood and rising commodities

currency-newsWeekly roundup: Australian dollar firms amid risk-on mood and rising commodities
After initially slipping last week due to a slowdown in the Chinese economy, the Australian dollar then rallied as an improving market sentiment boosted the risk-sensitive ‘Aussie’.

AUD’s upside extended through to Wednesday, as cautious optimism from the Reserve Bank of Australia (RBA) and rising commodities prices added to the upbeat market mood.

As the global appetite for risk faded in the second half of the week, the Australian dollar fell, despite a temporary boost from some better-than-expected PMI results. However, the ‘Aussie’ did hold on to most of its weekly gains.

A renewed appetite for risk has seen the Australian dollar climb so far this week, hitting new multi-month highs against the euro and the pound, although it has eased back a little.

With data expected to show that Australia’s inflation rate slowed from 3.8% to 3.1% in the third quarter, AUD exchange rates could fall back, as such a result would take pressure off the RBA to tighten monetary policy.
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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