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Weekly Roundup: Australian dollar undermined by gloomy mood

currency-newsWeekly Roundup: Australian dollar undermined by gloomy mood
The Australian dollar trended lower through the majority of last week, with the risk-sensitive currency struggling to attract support as a gloomy market mood prevailed through most of the session.

The start of the week also saw the ‘Aussie’ suppressed by comments from Reserve Bank of Australia (RBA) Governor Philip Lowe as he sought to temper rate hike expectations.

On top of this. a broad pullback in commodity prices also undermined AUD exchange rates in the middle of the week.

However the Australian dollar was able to claw back a good portion of these losses at the end of the week amidst a sudden improvement in market risk appetite.

The Australian dollar opens this week on the back foot. Sliding on the back of comments from Australian Finance Minister Katy Gallagher in which she conceded Australia will face come economic challenges.

Later in the week, the publication of Australia’s latest retail sales figures could act as a headwind for the ‘Aussie’ as sales growth is forecast to have slowed in May.
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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