You've landed on our UK website.
Click here to visit our USA website.

If you are having difficulty locating the information you require, we're here to help. Just get in touch and we will do our best to assist you.

Weekly roundup: Australian dollar mixed on shifting market mood

currency-newsWeekly roundup: Australian dollar mixed on shifting market mood
The Australian dollar traded in a wide range for much of last week as a quieter economic calendar from Australia left the ‘Aussie’ open to losses.
The beginning of the week had seen the Australian dollar head higher against many of its major rivals as an upbeat market mood and a better-than-expected business confidence reading in April helped to bolster the currency.
In addition, a sharp increase in iron ore prices along with a rise in Chinese inflation allowed AUD to trend higher.
However, Wednesday saw the release of the latest inflation rate data from the US, which unexpectedly rose to levels not seen since 2008.
The rise in inflation caused the Australian dollar to plummet as markets became increasingly worried that the rise in inflation could cause the Fed to introduce interest rate hikes sooner than expected.
Towards the end of the week, the Australian dollar was able to regain some traction following the latest retail sales in the US, which remained stagnant during April, causing a pullback in USD.
Turning to this week’s session, the Australian dollar started the week lower after retail sales in China failed to impress markets.
However, the latest Reserve Bank of Australia (RBA) meeting minutes hinted towards a more cautiously optimistic outlook for Australia’s economy in the coming months, offering the ‘Aussie’ some support.
The rest of the week will see the release of a range of data from Australia including consumer confidence and employment figures.
The unemployment rate is forecast to edge lower to 5.5% as the country reopens from coronavirus restrictions the job market continues to pick up.
AUD could receive further support from the latest flash PMI figures from Australia to be released on Friday, with private sector activity forecast to grow again in May.
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)

Check our exchange rate

Thanks, we'll be in touch.

Check your inbox - one of our currency experts will be in touch to complete your quote.

If you want see our online exchange rates straight away, simply register online & log in.