Ray Attrill

Ray Attrill

Head of FX Strategy

“Ray has 30 years experience as an economist and market strategist, obtained in roles working in London, Sydney and New York.”

Ray Attrill is Head of FX Strategy within the Fixed income, Currencies and Commodities division of National Australia Bank.

In this role, he advises the bank’s dealing rooms and institutional and corporate clients on developments in global foreign exchange markets.

Ray has 30 years experience as an economist and market strategist, obtained in roles working in London, Sydney and New York. Prior to joining NAB in 2012, he held a similar role at BNP Paribas, based in New York.

He previously amassed considerable experience in research and strategy, being a joint founding partner for 4CAST limited, a leading independent economic and financial market research company. Prior to that, he worked for many years in senior roles at MMS International, also a leading on-line market research provider.

He holds both Master and Bachelor of Science degrees in economics from the London School of Economics.


The unrest in Hong Kong is likely to impact the Australian dollar.

Market sentiment was tempered somewhat by rising rhetoric between the US and China.

Markets have controlled their excitement after the burst of optimism over a potential COVID-19 vaccine.

The Fed’s Governor Jerome Powell took a very sombre tone about the response to the COVID-19 crisis.

When we’ve had positive risk sentiment in the past we’ve tended to see a stronger Aussie dollar but that’s not the case today.

May got off to a bad start on Friday with falls in equities and the Aussie dollar the worst currency on the day.

Month-end has seen a broad sell-off of the US dollar.

The Aussie dollar has been steadily rising, now around 65 US cents.

Oil prices have recovered somewhat and equities have risen again.

WTI lurched into negative territory with a vengeance.

The US Fed has extended its QE shopping list, agreeing to buy junk bonds from corporations suffering the impacts of the coronavirus.

Optimism is being driven by the infection and fatality curves for COVID-19 in Europe and the US.

The quarter has started with big falls again on equity markets and lower Treasury yields, whilst oil prices continue to be driven downwards.

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