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Weekly roundup: Australian dollar underpinned by rising commodity prices

currency-newsWeekly roundup: Australian dollar underpinned by rising commodity prices
The Australian dollar burst out of the gates last week, with the currency defying the prevailing risk-off mood to surge on the back of rallying commodity prices.

However the ‘Aussie’ almost instantly began to relinquish these gains as the currency fell afoul of some profit taking.

AUD exchange rates then rebounded again in the middle of the week in the wake of some comments from Reserve Bank of Australia (RBA) Governor Philip Lowe.

While Lowe appeared to try and temper market rate hike expectations, AUD investors seized on his suggestions that it is ‘plausible’ the RBA could increase interest rates this year.

In spite of this the Australian dollar came under fresh selling pressure at the end of the week as market sentiment deteriorated.

So far this week, the ‘Aussie’ had found itself on the back foot amidst concerns over a resurgence of Covid cases in China as well as some dovish comments from RBA’s Lowe.

Looking further ahead the publication of Australia’s latest jobs report will likely be a key focus for AUD investors, with AUD exchange rates potentially rallying if unemployment falls as expected in February.
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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