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Weekly Roundup: Chinese tariff cuts boost risk-sensitive Australian and New Zealand dollars

currency-newsWeekly Roundup: Chinese tariff cuts boost risk-sensitive Australian and New Zealand dollars
News that China would dramatically slash its tariffs on over 850 imported products gave market risk appetite a boost, lifting both the Australian and New Zealand dollars.

As the move suggests that global trade tensions are on track to ease further heading into 2020 this encouraged investors to pile into risk-sensitive assets.

The appeal of the Australian dollar also improved on the back of November’s unexpectedly improved unemployment rate, which dipped from 5.3% to 5.2% as both full and part time employment increased.

A strong third quarter gross domestic product reading helped to shore up the New Zealand dollar, on the other hand.

With the New Zealand economy showing greater signs of resilience in the face of prolonged global trade jitters the risk of a Reserve Bank of New Zealand (RBNZ) interest rate cut appeared to fall.

Unless market risk appetite diminishes over the course of the week the Australian and New Zealand dollars could hold onto a positive footing against their lower-yielding rivals.
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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