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Weekly roundup: Australian Dollar tumbles in skittish trade

currency-newsWeekly roundup: Australian Dollar tumbles in skittish trade
The Australian dollar came under some persistent selling pressure though last week’s session, as Omicron fears infused volatility into the currency market, undermining the appeal of the risk-sensitive currency.

The ‘Aussie’ found some support in the middle of the week with the publication of Australia’s third quarter GDP release, after it reported a smaller-than-expected contraction in domestic growth during the country's latest lockdown.

However, AUD exchange rates then faltered again in the latter half of the week, being pressured by a narrowing of Australia’s trade surplus as well as renewed US-China tensions.

This week has seen the Australian dollar manage to claw back a good portion of its losses, supported by some hawkish forward guidance from the Reserve Bank of Australia (RBA) as well as some positive Chinese trade figures.

Whether the ‘Aussie’ will be able to maintain this upward momentum however depends on whether the current improvement in risk appetite can be sustained.
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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