The pound initially opened last week’s session on stable footing as GBP investors welcomed Scotland’s lifting of its remaining coronavirus restrictions.
Although the central bank still looks set to keep interest rates on hold for the foreseeable future, markets took encouragement from the April policy meeting.
Meanwhile, the Australian unemployment rate fell further than forecast in March giving the Australian dollar a boost.
Signs of recovery within the labour market encouraged the Australian dollar to recover some ground against its rivals, while improving market risk appetite supported AUD for much of the week.
However, the release of the Reserve Bank of Australia’s (RBA) most recent set of meeting minutes could put some pressure on AUD exchange rates.
Demand for the New Zealand dollar, on the other hand, may pick up in response to the first quarter inflation rate.
If inflationary pressure shows signs of picking up, giving the RBNZ greater cause for optimism, NZD exchange rates may push higher across the board.
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)