The pound initially opened last week’s session on stable footing as GBP investors welcomed Scotland’s lifting of its remaining coronavirus restrictions.
With markets still in a decidedly risk-averse mentality the Australian dollar was left to fall to a four-year low against the pound last week.
Even so, a temporary rally in oil prices helped AUD exchange rates to claw back some of their losses in the short term.
While the fourth quarter New Zealand gross domestic product proved stronger than forecast on the year this failed to keep NZD exchange rates from trending lower.
A sharp widening of February’s trade deficit could see the New Zealand dollar fall further out of favour this week.
As long as global recession fears linger even a stronger showing from domestic economic data may not be enough to shore up the Australian and New Zealand dollars, though.
Without a general improvement in market sentiment both AUD and NZD exchange rates look set to remain on a weaker footing for longer.
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)