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Weekly roundup: Australian dollar slides on RBA rate decision

currency-newsWeekly roundup: Australian dollar slides on RBA rate decision
The Australian dollar came under some notable selling pressure last week, following the Reserve Bank of Australia’s (RBA) decision to leave its monetary policy unchanged.

AUD investors were particularly disappointed by the RBA’s announcement that interest rates would remain on hold at record lows until at least 2023.

Some upbeat Chinese data then lent some fleeting support to the ‘Aussie’ before being quickly countered by the release of Australia’s latest trade figures, after they reported the country’s trade surplus narrowed for the first time in six months.

AUD exchange rates then traded a little erratically through the end of the session, amidst fluctuating market sentiment.

The Australian Dollar appears to be faring a little better so far this week, with the appeal of the ‘Aussie’ being bolstered by some strong Chinese trade figures and positive domestic business confidence index.

However the release of Australia’s latest jobs report could act as a major hurdle for the ‘Aussie’ in the latter half of the week, as analysts forecast October’s release will reveal a sharp rise in domestic unemployment.
 
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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