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Weekly roundup: Australian dollar weakens in risk-off trade

currency-newsWeekly roundup: Australian dollar weakens in risk-off trade
The Australian dollar struggled to attract much in the way of support last week, as the prevalence of a risk-off mood sapped the appeal of the high-yield currency.

While AUD exchange rates made an effort to rally in mid-week trade, the uptick in the ‘Aussie’ proved fleeting as market risk appetite was undermined by the hawkish FOMC minutes and speculation the Federal Reserve could start hiking interest rates in March.

Also weighing on the Australian dollar were concerns over the rise in local Covid cases as soaring infections were seen as likely weakening consumer confidence.

On small bright spot for the ‘Aussie’ was the commodity market where rising prices for iron ore and coal helped to cap the currency’s losses.

Coming up this week, the publication of Australia’s latest trade figures could exert some pressure on AUD exchange rates as economists forecast the nation’s trade surplus will have narrowed again in November.
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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