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Weekly roundup: Solid Australian labour market fails to shore up Australian dollar exchange rates

currency-newsWeekly roundup: Solid Australian labour market fails to shore up Australian dollar exchange rates
While the Australian unemployment rate defied expectations of an increase in October this was not enough to give AUD exchange rates any significant boost.

Even though the data indicates that a larger proportion of Australians are now economically active worries remain over the domestic outlook.

With the Chinese economy still coming under pressure as a result of US tariffs the appeal of the commodity-correlated Australian dollar diminished.

As the NAB business confidence index declined further on the month this left the Australian dollar lacking in any particular support.

An improvement in October’s New Zealand manufacturing PMI failed to shore up the New Zealand dollar ahead of the weekend.

While the growth of the manufacturing sector bodes well for the wider economic outlook NZD exchange rates were unable to capitalise on this as risk aversion dominated markets.

A hawkish tone in the Reserve Bank of Australia’s (RBA) latest meeting minutes may improve the appeal of the Australian dollar, even though the odds of any imminent monetary tightening remain low.

Another weak result from the latest Global Dairy Trade auction could put fresh pressure on NZD exchange rates, on the other hand, as New Zealand’s major import struggles to escape a downturn.
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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