Global markets were generally lower on Friday, while local currencies moved higher as the US Dollar continued to slide. Both the Australian Dollar and NZ Dollar have surged to recent highs of 79 cents and 74 cents versus the US dollar respectively. The moves have come rapidly, and we would not be surprised to see a currency correction lower.
The moves appear to be driven by US Dollar weakness. The US dollar index has fallen to its lowest level in almost a year amid ongoing concerns that the Trump administration will struggle to enact policies the market had hoped would stimulate the US economy. Further, US Federal Reserve Chair Janet Yellen’s recent public comments have been slightly dovish.
While a weaker currency level for the AUD & NZD is one of ATM’s key medium term investment themes, currency mov...
Stock Markets, Simplified.