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Weekly Roundup: Australian dollar spikes on hawkish RBA rate hike

currency-newsWeekly Roundup: Australian dollar spikes on hawkish RBA rate hike
The Australian dollar was catapulted higher in the first half of last week, in response to the Reserve Bank of Australia’s (RBA) latest interest rate decision.

The RBA surprised markets by delivering a 50 basis point hike, while its hawkish forward guidance also reflected positively on the ‘Aussie’.

However the Australia dollar wasn’t able to hold on to these gains for long, with the currency being buffeted by warnings that aggressive RBA rate hikes could slow Australia’s economic growth.

AUD exchange rates then extended this downside through the latter half of the week as a clear risk-off mood prevailed, sapping the appeal of the risk-sensitive ‘Aussie’.

The Australian dollar is likely to face an uphill battle this week, so long as this cautious mood continues to prevail.

In terms of data, the focus will be on Australia’s latest jobs report, where another dip in unemployment could buoy AUD exchange rates.
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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