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Weekly roundup: Australian Dollar rallies in risk-on trade

currency-newsWeekly roundup: Australian Dollar rallies in risk-on trade
The Australian dollar was able to mount a convincing recovery last week, with the prevailing risk-on mood helping to attract some notable support to the high-yield ‘Aussie’.

However, the Australian’s dollar’s rally didn’t come without its hurdles, with the ‘Aussie’s gains being tempered by domestic coronavirus concerns, after the state of New South Wales reported a record rise in daily infections.
Also tempering the uptick in AUD exchange rates was the publication of Australia’s latest retail sales figures, which revealed domestic sales growth plunged to a seven-month low in July.

Turning to this week, The Australian dollar has so far managed to maintain an upward trajectory amidst broad USD weakness.

Meanwhile the upcoming release of Australia’s latest GDP figures could give AUD investors pause for thought, with most economists forecasting domestic growth will have slowed in the second quarter as a result of new lockdown measures being introduced in several states.
 
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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