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Weekly Roundup: Australian dollar wobbles on lacklustre Chinese data

currency-newsWeekly Roundup: Australian dollar wobbles on lacklustre Chinese data
The Australian dollar wavered last week, as a mixed market mood infused some volatility into the risk-sensitive currency.

In the first half of the week this saw the ‘Aussie’ appreciate as a result of the wave of optimism which followed the latest round of Ukraine-Russia peace talks, on hopes the two sides may be making some progress towards a ceasefire.

This gave way to fresh selling pressure in the latter half of the week as Russia’s continued aggression in Ukraine soured market sentiment.

Also acting as a headwind for the ‘Aussie’ was the publication of some underwhelming Chinese PMI releases, which revealed economic activity in the country’s manufacturing and services sectors have been adversely impacted by Beijing’s zero-covid policy.

In focus for AUD investors this week will be the Reserve Bank of Australia’s (RBA) latest interest rate decision. No policy changes are expected from the RBA this month, but could some hawkish forward guidance from the bank buoy the Australian 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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