The euro slumped on Thursday following the European Central Bank’s (ECB) latest interest rate decision.
Both AUD and NZD faced notable swings as a devaluing of the Chinese Yuan, as well as volatility in the US dollar, had a dramatic impact on currency markets.
In terms of individual movement the Australian dollar was able to find some fleeting gains overnight on Wednesday as AUD investors welcomed a surprisingly strong domestic labour report.
Meanwhile the New Zealand dollar soared higher at the start of last week’s session, bolstered by the Reserve Bank of New Zealand’s (RBNZ) latest underlying inflation estimate, although it struggled to hold these gains as the week went on.
Looking forward, the release of Australia’s latest CPI figures could help to buoy the ‘Aussie’ this week as economists predict domestic inflation will have risen in the second quarter.
Meanwhile the ‘Kiwi’ may face some selling pressure in the days ahead as analysts forecast New Zealand’s latest trade balance will show the nation’s trade surplus narrowed in June
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)