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Weekly roundup: Australian Dollar retreats as risk appetite slumps

currency-newsWeekly roundup: Australian Dollar retreats as risk appetite slumps
The Australian dollar weakened last week, as the appeal of the risk-sensitive currency was undermined by a prevailing risk-off mood.

Adding to the pressure on the ‘Aussie’ were ongoing concerns over Australia’s coronavirus resurgence and its potential impact on the country’s economic recovery.

However, some limited support was offered by the publication of Australia’s latest trade figures as the country reported a massive trade surplus in May.

Meanwhile, the Australian Dollar looks well positioned to rally this week, following the Reserve Bank of Australia’s (RBA) latest policy meeting, in which it indicated it will start to taper its stimulus programme later this year.
 
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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