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Weekly roundup: Australian dollar lifted by GDP figures, New Zealand dollar volatile as risk sentiment fluctuates

currency-newsWeekly roundup: Australian dollar lifted by GDP figures, New Zealand dollar volatile as risk sentiment fluctuates
It was another mixed session for the Australian dollar and New Zealand dollar last week as both currencies were impacted by renewed US trade concerns.

The Australian dollar found some strong gains in the first half of last week as markets welcomed the release of Australia’s latest GDP figures, which revealed stronger-than-expected growth in the first quarter.

Meanwhile with little in the way of domestic data, the New Zealand Dollar was left to the whims of markets, with fluctuating risk sentiment driving movement.

However both AUD and NZD suffered in the latter half of the week’s session as increased trade tensions between the US and its allies ahead of the G7 summit, reignited fears of a possible global trade war.

Looking ahead the Australian dollar could see some gains this week if Australia’s latest labour report reveals domestic unemployment fell last month as expected.

Meanwhile it looks to be another quiet session in terms of New Zealand data this week, potentially leading to further volatility in the ‘Kiwi’ as it continues to be driven by market risk appetite.
 
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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