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Weekly roundup: Australian Dollar slumps to 2021 low as market mood sours

currency-newsWeekly roundup: Australian Dollar slumps to 2021 low as market mood sours
The Australian dollar was initially buoyed last week, rising in response to the Reserve Bank of Australia’s (RBA) announcement it would begin tapering its bond buying programme from September. 

However, the ‘Aussie’ quickly relinquished these gains as a souring market mood saw skittish investors largely shun the risk-sensitive currency.

The Australian dollar’s losses were then reinforced by concerns over the sharp rise in domestic coronavirus cases, which propelled the AUD/USD exchange rate to a new 2021 low.

After clawing back some of its losses at the tail end of last week’s session, the ‘Aussie’ looks poised to extend its recovery this week, as Australia’s latest jobs report is forecast to report another drop in domestic unemployment last month.
 
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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