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Weekly Roundup: State of disaster in Victoria weakens AUD

currency-newsWeekly Roundup: State of disaster in Victoria weakens AUD
The Australian Dollar experienced volatility last week due to concerns over the spike of coronavirus cases in the state of Victoria.
 
AUD managed to advance despite the lockdown news as a slightly more optimistic Reserve Bank of Australia (RBA) and broad weakness in the US dollar gave the higher-risk currency a leg up.

The Australian dollar did stumble before the weekend however as a downturn in relations between the US and China sent investors flocking back to safe-haven currencies.
 
The publication of Australia's own employment report will be the main focus for AUD investors this week.
 
The data may drive some losses in the ‘Aussie’ as unemployment is forecast to soar to a new 22-year high.
 
Other Australian news to note includes the nation’s consumer inflation expectations and a speech from the RBA Governor.
 
China’s industrial production and retail sales reports for July may also have an impact on AUD exchange rates due to Australia’s close trading relationship with the superpower.
 
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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