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Weekly roundup: Solid employment data supports Australian dollar while New Zealand dollar grapples with rate cut fears

currency-newsWeekly roundup: Solid employment data supports Australian dollar while New Zealand dollar grapples with rate cut fears
As Australian employment change saw a sharper increase in August than forecast this gave AUD a leg up against its rivals, even though the labour market data is notoriously volatile in nature.

The weakening of the US dollar and the Central Bank of the Republic of Turkey’s (CBRT) decision to dramatically raise interest rates offered additional support to risk-sensitive currencies on Thursday.

However, the New Zealand dollar struggled to benefit from this general improvement in market sentiment in the wake of a fresh contraction in the domestic food price index.

With New Zealand inflation still failing to show any signs of a meaningful uptick investors remain wary of the prospect of the Reserve Bank of New Zealand (RBNZ) cutting interest rates.

If the second quarter gross domestic product fails to show an improvement on the year this could see NZD exchange rates extend their downtrend on Wednesday night.

A disappointing Westpac leading index figure could put pressure on the Australian dollar, meanwhile, as global trade tensions continue to weigh on the domestic outlook.
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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