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Weekly Roundup: Australian dollar hits multi-month highs amid risk-positive trade

currency-newsWeekly Roundup: Australian dollar hits multi-month highs amid risk-positive trade
The Australian dollar started the week on a strong note, with an upbeat market mood supporting the risk-sensitive ‘Aussie’. Recent strong data from China also gave AUD a boost, as the ‘Aussie’ often trades as a proxy for the Chinese economy.

A slight souring of the market mood saw AUD shed its gains on Tuesday. In addition, Australian consumer confidence unexpectedly fell to a two-year low, dragging on the ‘Aussie’ Dollar.

However, the market mood turned around after the US inflation rate reading. With inflation cooling and reduced Fed rate rise bets, global investors rediscovered their appetite for risk. AUD surged higher through the second part of the week, hitting multi-month highs against many of its peers.

This week, the ‘Aussie’ has slipped from recent highs as poorer-than-expected Chinese data weighs on the currency.

The Reserve Bank of Australia (RBA) meeting minutes could prompt some movement overnight. Later in the week, Australia’s labour market data for July may support AUD, if the results are positive, as is expected.
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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