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Weekly Roundup: Australian dollar wavers lower amid volatile market mood

currency-newsWeekly Roundup: Australian dollar wavers lower amid volatile market mood
The risk-sensitive Australian dollar fluctuated lower last week. While the shifting market mood made for some choppy trade, the week ended in a risk-averse tone, dragging AUD lower overall.

Disappointing Australian data may have contributed to the downside. Early in the week, Australian business confidence and consumer confidence both fell by more than expected.

Some troubling Chinese data weighed on the ‘Aussie’ as this week’s trade got underway. Industrial production declined by 2.9%, while retail sales slumped by a whopping 11.1%. As AUD often trades as a proxy for the Chinese economy, these figures hurt the ‘Aussie’.

The Reserve Bank of Australia’s (RBA) meeting minutes could provide AUD with a boost in the early hours of Tuesday morning. Investors will be keen to see just how hawkish the RBA sounds about its tightening cycle.

Later in the week, Australia’s unemployment rate is forecast to have fallen by 0.1 percentage points in April. This could also bolster the ‘Aussie’ dollar.
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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