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Weekly Roundup: Australian dollar fluctuates amid mixed market mood

currency-newsWeekly Roundup: Australian dollar fluctuates amid mixed market mood
The Australian dollar traded in a wide range through last week’s session, with the risk sensitive currency seesawing amid fluctuating market sentiment.

This saw the ‘Aussie’ face some pressure in the first half of the week as concerns over China’s ongoing Covid lockdowns stoked global growth fears.

However, a pullback in the US dollar helped to revive risk appetite through the latter half of the session.

Elsewhere, the Australian dollar was supported by some hawkish remarks from Reserve Bank of Australia (RBA) Assistant Governor Luci Ellis, in which she signalled more interest rate hikes are on the way.

The Australian dollar is trading with modest gains at the start of this week as the risk-on mood continues to prevail.

Later in the week we could see the ‘Aussie’ face some pressure with the release of Australia’s latest GDP figures, which are expected to report a slowing of economic growth in the first quarter.

On the other hand, AUD exchange rates could be supported by the publication of Australia’s trade figures if the nation’s trade surplus expanded as forecast last month.
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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