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Weekly roundup: Australian dollar stumbles as market sentiment sours

currency-newsWeekly roundup: Australian dollar stumbles as market sentiment sours
The Australian dollar initially got off to a robust start last week, with the China-proxy ‘Aussie’ being buoyed by the news that Chinese authorities would begin easing the lockdown in Shanghai by allowing factory production to resume.

This news also helped to bolster commodity prices, which further underpinned AUD demand through the first part of the week.

However, the Australian Dollar then tumbled through the latter half of the week amidst a sudden souring of market sentiment. This severely undermined the appeal of the ‘Aussie’ and saw AUD investors largely shrug off some upbeat PMI releases.

This downtrend in AUD exchange rates looks to remain in place at the start of this week as a risk-off mood continues to prevail amidst fresh China lockdown fears.

Later in the week we could see the ‘Aussie’ rebound with the publication of Australia’s consumer price index as an expected surge in domestic inflation in the first quarter is likely to bolster Reserve Bank of Australia (RBA) interest rate hike speculation.
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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