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Weekly roundup: Rocky week for Australian and New Zealand dollar

currency-newsWeekly roundup: Rocky week for Australian and New Zealand dollar
The week started with the Australian dollar on the decline thanks to weak domestic and overseas data. Australian building approvals tumbled by -19.9% on the year, while Chinese import figures showed growth of 11.9% instead of the forecast 18%, suggesting Australian exporters may not have had a good month in April.
Improvements in copper prices and Chinese inflation data boosted the Australian dollar midweek; higher consumer demand in China suggests the nation will import more goods and raw materials from Australia.
The New Zealand dollar, meanwhile, received a boost from the French election results as receding political fears saw risky currencies, including NZD, become more appealing.

However, the New Zealand dollar spent much of the second half of the week fluctuating wildly after surprisingly pessimistic commentary from the Reserve Bank of New Zealand (RBNZ). The RBNZ kept interest rates frozen, as was expected, but instead of suggesting a hike was likely to arrive earlier-than-expected, policymakers lowered their inflation forecast and even hinted that interest rates could be cut again.

Australia’s key data won’t come until Thursday. Economists expect a small increase in the number of people employed. Although this may not lower the overall unemployment rate, the report could still give the Australian dollar a little lift.

Tomorrow’s global dairy auction results will have a strong impact on the New Zealand dollar. Prices have risen firmly over the last four weeks, so another increase would suggest the outlook for New Zealand’s dairy sector is improving.
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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