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Weekly Roundup: Odds of 2020 RBA interest rate cuts weigh on Australian dollar

currency-newsWeekly Roundup: Odds of 2020 RBA interest rate cuts weigh on Australian dollar
The latest commentary from RBA Governor Philip Lowe saw the Australian dollar come under pressure last week as markets priced in higher odds of 2020 rate cuts.

Lowe indicated that all options remain on the table if the Australian unemployment rate and inflation data continue to disappoint in the coming months, increasing the odds of further monetary easing.

With markets now expecting to see the RBA cut interest rates at least twice in 2020 the Australian dollar was left to trend lower across the board.

On the other hand, a narrowed New Zealand trade deficit helped to shore up NZD exchange rates as confidence in the domestic outlook improved.

Another strong showing from the ANZ commodity price index could encourage the New Zealand dollar to gain further ground this week.

The Australian dollar, meanwhile, looks vulnerable ahead of the RBA’s final monetary policy meeting of 2019.
Although no change in policy is expected at this stage any hints at future adjustments could prove AUD negative. 
 
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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