The pound initially opened last week’s session on stable footing as GBP investors welcomed Scotland’s lifting of its remaining coronavirus restrictions.
This resulted in AUD exchange rates retreating through the first half of the week as a gloomy market mood prevailed, before soaring in the tail end of the session, amidst a sharp pullback in the US dollar.
Also infusing volatility into the ‘Aussie’ throughout the week was uncertainty over Australia’s current coronavirus situation as well as a deterioration in domestic business and consumer sentiment.
Looking ahead, the primary focus for AUD investors this week will be on the publication of Australia’s latest jobs report.
Economists are forecasting unemployment will have risen again last month amidst Australia’s current coronavirus woes, which could place some pressure on the ‘Aussie’ later in the week, especially if the market mood continues to sour.
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)