Trade in the Pound remained highly erratic on Wednesday as the Bank of England (BoE) announced an intervention in the bond market.
At the start of the week this saw the ‘Aussie’ tumble as it got swept up in a wider market selloff.
AUD exchange rates then rallied in the middle of the week as market sentiment improved and data showed Australian employment growth jumped in May.
However, the Australian dollar then shed the majority of these gains again at the end of the week as the market mood soured again.
The Australian dollar opens this week on firmer footing, thanks to broad-based USD weakness, although growing global recession fears leaves the currency at risk of future losses.
Looking further ahead the release of the minutes from the Reserve Bank of Australia’s (RBA) June meeting could buoy the ‘Aussie’ if they reinforce expectations the bank will continue to hike interest rates.
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)