The euro slumped on Thursday following the European Central Bank’s (ECB) latest interest rate decision.
The global risk-correlated Australian and New Zealand dollars saw significant swings in movement last week, with both currencies finding some notable gains as EU-US trade tensions eased, before being undermined by another sizable drop in the Chinese Yuan.
In terms of domestic data, the Australian dollar stumbled following the release of the latest CPI figures, with Reserve Bank of Australia (RBA) rate hopes being dented as inflation came up short in the second quarter.
Meanwhile also hindering the ‘Kiwi’ last week was the publication of New Zealand’s latest trade balance figures, with a shock trade deficit in the second quarter reflecting poorly on NZD.
Looking ahead, the ‘Aussie’ could tick higher this week should Australia’s own trade figures show a sizeable jump in the nation’s trade surplus in June.
Meanwhile the NZD exchange rate is expected to fall back this week as New Zealand’s latest labour report is expected to reveal that employment growth slowed in the second quarter.
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)