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Weekly Roundup: Australian dollar spikes amid risk-on flows

currency-newsWeekly Roundup: Australian dollar spikes amid risk-on flows
The Australian dollar initially trended higher last week as AUD investors welcomed Beijing's confirmation that lockdown restrictions in cities like Shanghai would start to be eased from the start of June.

After the strong start the ‘Aussie’ was left to tread water through much of the first half of the week, with a stronger-than-expected domestic GDP print being offset by cautious mood.

This gave way to sharp spike in AUD exchange rates on Thursday as a risk-on mood prevailed, before a rebound in the US dollar erased a portion of these gains at the end of the session.

Turning to this week, all eyes will be on the Reserve Bank of Australia (RBA) as it is expected to deliver another interest rate hike this month.

Analysts are currently split on just how aggressively the RBA will raise rates, with the Australian dollar likely to skyrocket if the bank opts for a largely hike.
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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