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Weekly roundup: Australian Dollar undermined by weakening market sentiment

currency-newsWeekly roundup: Australian Dollar undermined by weakening market sentiment
The Australian dollar trended broadly lower last week, as the appeal of the high-yield ‘Aussie’ was undermined by the prevalence of a risk-off mood.

Skittish investors shied away from riskier assets last week amidst the collapse of the Turkish Lira as well as concerns over the resurgence of coronavirus cases throughout Europe.

Also weighing on AUD exchange rates were comments by Reserve Bank of Australia (RBA) Governor Philip Lowe, in which he suggested it is highly unlikely that the RBA will be ready to start raising interest rates in 2022.

Trade in the Australian dollar has proved mixed so far this week, with an initial rally in response to rising commodity prices quickly running out of steam, amidst significant demand for the US dollar.

Later in the week, the ‘Aussie’ could receive some support from the publication of Australia’s latest retail sales figures, should sales growth have accelerated as forecast in October.
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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