The Australian dollar started the week on a strong note, with an upbeat market mood supporting the risk-sensitive ‘Aussie’. Recent strong data from China also gave AUD a boost, as the ‘Aussie’ often trades as a proxy for the Chinese economy.
While EUR eventually ended the week up against most of its peers, a lack of any major driving catalysts in the first half of the week saw the single currency remain largely rangebound.
However the tail end of the week saw the euro finally begin to find some ground, as weakness in both the US dollar and pound lifted demand for the single currency, despite another slowdown in the Eurozone’s latest PMI figures.
In focus this week will be the Eurozone’s latest business confidence figures, with a possible dip in business sentiment this month likely to drag on the euro.
Also of note will be the bloc’s September CPI flash reading, although with the European Central Bank’s (ECB) next rate hike still looking some way of any impact on EUR may prove limited.
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)