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Weekly Roundup: Australian dollar fluctuates as unemployment plummets

currency-newsWeekly Roundup: Australian dollar fluctuates as unemployment plummets
The Australian dollar got off to a poor start last week. The risk-sensitive currency being undermined by a cautious market mood.

A larger-than-expected drop in Australia’s latest consumer confidence index then kept the pressure on the ‘Aussie’ through the first half of the session.

AUD exchange rates bounced back in the middle of the week, supported by a modest market correction as well as the publication of Australia’s latest jobs report.

June’s jobs data reported domestic unemployment fell much faster-than-expected, striking a new record low of 3.5%.

Combined with an improving market mood, this helped the ‘Aussie’ close the week on a positive note.

Looking ahead, the publication of the minutes from the Reserve Bank of Australia's July policy meeting is likely to be a key focus for AUD investors this week.

Expect the Australia dollar to weak if the minutes echo the cautious tone struck by the RBA in its latest forward guidance.
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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