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Weekly roundup: RBA, RBNZ outlooks dent AUD, NZD exchange rates

currency-newsWeekly roundup: RBA, RBNZ outlooks dent AUD, NZD exchange rates
Both the Australian dollar and New Zealand dollar faced some pressure last week as a result of gloomy outlooks from their respective central banks.

While the Reserve Bank of Australia’s (RBA) latest policy meeting had only a limited impact on the Australian dollar last week, the bank’s quarterly monetary policy statement proved to be a major mover, with AUD exchange rate nosediving at the end of the week as the RBA downgraded its inflation forecasts for 2018.

Meanwhile, the New Zealand dollar was met by heavy losses last week in the wake of the Reserve Bank of New Zealand’s (RBNZ) own policy meeting, as the bank signalled that its next interest rate move is likely to be further off than previously thought.

Looking ahead the ‘Aussie’ may come under further pressure this week following the release of Australia’s latest labour report, with economists forecasting a considerable slowdown in employment growth last month.

With New Zealand data looking pretty thin on the ground this week, the ‘Kiwi’ is likely to be left at the mercy of market sentiment, something which could see the NZD exchange rate struggle to advance if the lira’s weakness continues to drag on risk appetite.
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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