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Weekly roundup: Stronger Australian GDP unable to shore up Australian dollar, New Zealand dollar shakes off risk aversion

currency-newsWeekly roundup: Stronger Australian GDP unable to shore up Australian dollar, New Zealand dollar shakes off risk aversion
While the second quarter Australian gross domestic product showed an unexpected acceleration, clocking in at 3.4% on the year, this was not enough to keep the Australian dollar on a stronger footing.

There was little surprise as the Reserve Bank of Australia (RBA) opted to leave interest rates on hold for another month, with markets not anticipating an increase until 2020.

After the bank Westpac unexpectedly raised mortgage rates out of cycle with the RBA, investors see little chance of the RBA returning to a hawkish outlook in the near future.

Another contraction in the ANZ New Zealand commodity price index failed to keep NZD exchange rates under pressure, however.

The New Zealand dollar was largely able to shrug off the general weakening in global market risk appetite, even as the Chinese economy showed signs of slowing.

Growth in the latest New Zealand manufacturing and services PMIs could give NZD a more substantial leg up in the days ahead.

If the latest Australian labour market data highlights fresh weakness this is likely to weigh AUD exchange rates down, especially if the participation rate falls 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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