The pound stabilised on Tuesday in the wake of some hawkish comments from a Bank of England (BoE) policymaker.
The slump in market sentiment was primarily driven by global recession fears as the US stock market reeled from its worst first half of the year since 1970.
Further undermining risk appetite was a strong uptick in the US dollar through the second half of the week.
The gloomy mood saw AUD investors largely shrug off the publication of Australia’s stronger-than-expected retail sales figures.
The Australian dollar opens this week on stronger footing as an uptick in risk appetite helps to underpin the currency.
Looking ahead the focus for AUD investors this week will be on the Reserve Bank of Australia’s (RBA) latest interest rate decision. If the bank delivers another 50bps rate hike on Tuesday we may see the ‘Aussie’ recoup some of last week’s losses.
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)