ANZ Fiji's head of markets, Sanjay Chandran, emphasizes the importance for customers, especially exporters, to leverage foreign exchange tools offered by the bank amid the current US versus the world trade war-induced foreign exchange uncertainties.
Chandran highlights the role of ANZ's Global Markets team in Suva, part of a vast network spanning 29 countries, in providing economic research and foreign exchange products like Forward Exchange Contracts to help clients manage their FX exposures effectively.
The recent visit of ANZ's foreign exchange analyst, Felix Ryan, underscored the impact of US trade policy announcements on global markets, leading to daily fluctuations between uncertainty and optimism. Ryan pointed out the AUD's recovery against the USD and forecasted a rise in the Australian dollar over the next 18 months, which could influence Fiji's currency exchange rates.
Ryan's analysis suggests that a stronger AUD may benefit Fiji's tourism industry but could pose challenges for exporters receiving payments in USD or AUD. Importers, on the other hand, may benefit from a stronger Fiji dollar, resulting in lower costs for imported goods.
ANZ remains committed to assisting customers in navigating these complexities by offering tools and insights to manage risks effectively and support the growth of Fijian businesses in the volatile foreign exchange landscape.
Reference from News: Dollar watch - Bank monitors foreign exchange fluctuations