The US dollar fell to two-week lows against its major rivals yesterday after concerns over the US economy’s resilience sapped USD demand.
This uptrend in AUD exchange rates was supported by the publication of Australia’s second quarter GDP release, which beat expectations.
Also bolstering the appeal of the ‘Aussie’ was the release of Australia’s latest trade figures, after the country’s trade surplus struck a new record high in July.
In addition, AUD exchange rates benefitted from a prevailing risk-on mood, which saw investors favour high-yield currencies.
So far this week, the ‘Aussie’ has been forced to relinquish some of these gains, following the Reserve Bank of Australia’s (RBA) latest policy meeting, in which it left interest rates on hold.
This could feed into additional losses if domestic coronavirus developments remain broadly negative.
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)