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Weekly roundup: Australian Dollar undermined by Sydney lockdown extension

currency-newsWeekly roundup: Australian Dollar undermined by Sydney lockdown extension
The Australian dollar found itself on the defensive throughout most of last week’s session, with some notable pressure coming on the back of the announcement that the lockdown in Sydney would be extend by another four weeks, amidst a spike in local coronavirus cases.

This downside in the ‘Aussie’ was reinforced by wider global coronavirus concerns, which further dampened the appeal of the risk-sensitive currency.

Even a positive inflation reading was unable to buoy AUD exchange rates, in spite of price growth rocketing up to a twelve year high in the second quarter of 2021.

However, the Australian dollar looks set to mount a comeback this week, after rallying on the back of the Reserve Bank of Australia’s (RBA) latest policy meeting, after the bank unexpectedly stuck to its plan to start tapering its stimulus programme.

Could this upturn in the ‘Aussie’ be reinforced by some positive trade figures later in the week?
 
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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