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Weekly roundup: Australian Dollar refreshes 2021 low as coronavirus concerns spook markets

currency-newsWeekly roundup: Australian Dollar refreshes 2021 low as coronavirus concerns spook markets
The Australian dollar faced a broad selloff last week, as the souring market mood sapped demand for the risk-sensitive currency.

This deterioration in market sentiment came as a result of rising concerns over the resurgence in coronavirus cases in many parts of the world, and the potential impact it could have on the global economic recovery.

Further undermining the ‘Aussie’ were Australia’s own coronavirus woes as a rise in domestic cases resulted in local lockdowns being extended.

One positive note for AUD investors was Australia’s latest jobs report, which revealed unemployment unexpectedly dropped to a new decade low in June.

Looking ahead, it's likely the Australian dollar will continue to refresh its recent lows, as investors grow increasingly skittish amidst the continued spike in global coronavirus cases.
 
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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