The US dollar fell to two-week lows against its major rivals yesterday after concerns over the US economy’s resilience sapped USD demand.
However, thin trading conditions and concerns over Australia’s domestic Covid situation limited AUD’s upside. Omicron cases and hospitalisations surged, while the country’s testing facilities buckled under the pressure.
This week, data remains fairly thin for the ‘Aussie’. The services PMI could cause some movement on Wednesday, if the finalised score differs from the flash result.
Otherwise, Omicron news could be the main driver of AUD exchange rates. If Australia’s domestic situation worsens, this could weigh on the Australian dollar. But an ongoing risk-positive mood may bolster the ‘Aussie’.
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)