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Weekly Roundup: Australian dollar fluctuates following RBA rate hike

currency-newsWeekly Roundup: Australian dollar fluctuates following RBA rate hike
The Australian dollar initially firmed last week, rising amid a risk-on mood ahead of the Reserve Bank of Australia’s (RBA) latest interest rate decision.

While the RBA delivered a 50bps rate hike on Tuesday, the ‘Aussie’ was quick to relinquish its initial gains as the bank’s forward guidance proved more cautious than markets had hoped.

AUD exchange rates then remained on the back foot through the middle of the week amid a prevailing risk-off mood.

However the Australian dollar mounted a comeback in the latter half of the week. The currency being buoyed by rising commodity prices and stronger-than-expected domestic trade figures.

Turning to this week, the ‘Aussie’ could struggle to maintain a positive trajectory so long as investors remain broadly risk adverse.

Elsewhere the focus for AUD investors will be on Australia’s latest jobs report, which could buoy the Australian dollar if unemployment remained at a record low in June.
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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