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Weekly roundup: Soft NZ business PMI fails to prevent New Zealand dollar gains

currency-newsWeekly roundup: Soft NZ business PMI fails to prevent New Zealand dollar gains
A weaker-than-expected New Zealand business PMI was not enough to drag the New Zealand dollar down, even as confidence in the health of the global economic outlook remained limited.

Although the index dipped from 59 to 50.7, only just holding in expansion territory, this failed to put any particular dampener on NZD exchange rates.

The Australian dollar also found support last week in the wake of a solid improvement in the Westpac consumer confidence index.

With domestic sentiment showing signs of picking back up worries over the possibility of another quarter of economic slowdown eased, to the benefit of the Australian dollar.

An uptick in August’s Australian unemployment rate could see AUD exchange rates trending lower, though, as doubts over the resilience of the labour market grow.

Fresh volatility is also likely in store for the New Zealand dollar with the release of the second quarter NZ gross domestic product report.

Confirmation that the economy experienced a major growth contraction in the second quarter would give investors reason to sell out of the antipodean currency once again.
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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