The US dollar fell to two-week lows against its major rivals yesterday after concerns over the US economy’s resilience sapped USD demand.
Even though the Australian trade surplus bettered expectations in November AUD exchange rates failed to capitalise on the improvement, with underlying data still pointing towards trade weakness.
A sharp slump in the ANZ commodity price index stoked fresh anxiety over the health of the New Zealand economy, meanwhile.
With signs pointing towards a subdued level of domestic inflationary pressure support for the New Zealand dollar proved generally limited.
If the latest food price inflation figure also falls short of forecast NZD exchange rates look set to remain under pressure this week.
Evidence of weakness within the Australian housing market could drag on AUD exchange rates, on the other hand.
Both risk-sensitive currencies also appear vulnerable to any signs of slowdown in the fourth quarter Chinese gross domestic product, even as the signing of the phase one US-China trade agreement looms.
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)