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Weekly roundup: Australian Dollar soars as RBA to push ahead with tapering plan

currency-newsWeekly roundup: Australian Dollar soars as RBA to push ahead with tapering plan
The Australian dollar was catapulted higher through last week’s session, with the currency drawing considerable support in the wake of the Reserve Bank of Australia’s (RBA) latest policy meeting.

The RBA surprised just about everyone last week as it struck a notably hawkish tone with its forward guidance, announcing that it will still move forward with plans to begin tapering its quantitative easing programme from September.

This came as a major shock to AUD investors, many of whom expected the RBA to adopt a more cautious outlook in light of Australia’s coronavirus resurgence.

This upside in the ‘Aussie’ was then reinforced in the latter half of the week with the publication of Australia’s latest trade balance, after recording a record trade surplus in June.

Looking ahead, the publication of Australia's latest consumer confidence index will likely act as the main catalyst of movement in AUD exchange rates this week. Will a dip in household sentiment this month, start to unravel some of the ‘Aussie’s recent gains?
 
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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