The mid-April to mid-May period was a shocker for the Australian dollar. It suffered across-the-board losses, including losses worth 5 percent against the US dollar. An exchange rate of US68.6¢ on Friday May-17 was the Aussie’s lowest weekly closing rate since early 2016.
Most recently, election jitters, a stuttering domestic economy and elevated trade tensions have driven the Aussie lower.
Following data on May-16 that showed a jump in the unemployment rate, which the RBA has said it is “paying close attention to,” implied probabilities for an interest rate cut in June rose to 60 percent, and that doesn’t bode well for near-term currency valuations.
For AUD forecasts and predictions read our Australian Dollar Forecasts report.
AUD in the News
The Australian dollar is now worth only 68.6¢ after another week of heavy losses, and now one senior analyst has predicted exchange rates in the “mid-60s” this year – rates not seen since 2009.
18 May, 2019 by
The British pound fell on Wednesday towards a 3-month low against the euro and US dollar as attention turned back to Brexit and after lower-than-expected wage growth lessened prospects for a Bank of England rate hike.
15 May, 2019 by
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