The euro slumped on Thursday following the European Central Bank’s (ECB) latest interest rate decision.
With the US and China edging ever closer to a full blown trade war, AUD and NZD investors became increasingly skittish, with fears that they could have the most to lose should China come under fire.
In terms of individual movement the Australian dollar ‘saw the most notable swings, with an uptick in commodity prices allowing brief surges in the Aussie’.
Meanwhile with New Zealand’s latest PMI figures coming in below target, there was less potential for the New Zealand dollar to push higher, leading movement to be slightly more subdued.
The focus for AUD investors this week is likely to be on the Australia’s latest jobs report, with the Australian dollar potentially rising if employment rises in line with expectations.
Meanwhile the ‘Kiwi’ could come under pressure following the latest global dairy auction, with another sharp drop in New Zealand’s largest export likely to drag on NZD exchange rates.
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)