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Weekly roundup: Australian dollar gains capped by domestic Covid concerns

currency-newsWeekly roundup: Australian dollar gains capped by domestic Covid concerns
The Australian dollar made modest gains against most of its peers through last week’s session as the improving market mood boosted the appeal of the risk-sensitive ‘Aussie’.

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’.
 
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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