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Weekly roundup: NZD soars on RBNZ correction, AUD flat as weak wage growth offsets upbeat employment figures

currency-newsWeekly roundup: NZD soars on RBNZ correction, AUD flat as weak wage growth offsets upbeat employment figures
While the Australian and New Zealand dollars both faced some pressure due to the meltdown in the Turkish lira last week, a correction in NZD helped the ‘Kiwi’ come out on top.

After initially stumbling at the start of the session the New Zealand dollar was able to sustain a recovery against most of its peers last week as analysts suggested that investors may have been a little overzealous in their selling following the Reserve Bank of New Zealand’s policy meeting the previous week.

Meanwhile, the Australian dollar found its road to recovery a little harder last week as, while AUD investors welcomed a surprise drop in domestic unemployment, some weak wage growth figures earlier in the week saw the ‘Aussie’s gains tempered somewhat.

Looking ahead the RBA will publish the minutes from its August policy meeting later this week, potentially leading to a fall in the Australian dollar if they expand on policymakers fears regarding a possible trade war.

Meanwhile New Zealand will publish its second quarter retail sales figures this week, with a suspected rise in sales growth potentially helping to strengthen the ‘Kiwi’.
 
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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