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Weekly roundup: Australian dollar firms in risk-on trade

currency-newsWeekly roundup: Australian dollar firms in risk-on trade
The Australian dollar trended higher last week as the prevailing risk-on tone bolstered the risk-sensitive currency.
 
This positive mood appeared driven by coronavirus vaccine optimism, as well as hopes that the US is close to approving a new round of stimulus.
 
Further bolstering AUD exchange rates was the publication of Australia’s latest GDP figures, which reported a larger-than-expected expansion of economic growth in the third quarter.
 
However, the ‘Aussie’ did sustain some losses in the first half of the week amid an escalation of tensions between Australia and China, as Canberra called for Beijing to apologise for sharing a fake image alluding to Australian war crimes in Afghanistan.
 
Looking ahead, the Australian dollar is likely to remain highly sensitive to market sentiment, with AUD exchange rates potentially relinquishing some of its recent gains as surging coronavirus cases stoke concerns over the global economy.
 
In terms of data, the focus will be on the latest consumer sentiment index, where an improvement in household confidence this month could prove supportive of the ‘Aussie’.
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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