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    Australian dollar market update


    The Australian dollar (AUD) has experienced a significant decline of 3% over the past week, largely driven by concerns surrounding the prolonged negative interest rate differential between the US and Australia. This downward trend was exacerbated by hotter-than-expected US inflation data, which led to a souring of market sentiment and a subsequent plunge in the AUD. As markets reassess expectations for a June interest rate cut by the Federal Reserve, anxiety around the possibility of higher borrowing costs for a longer period has unsettled investors.

    Looking ahead, the median forecast from a survey of 38 economists suggests that the Australian dollar could bounce back to US69¢ by the end of the year. Factors such as more accommodative monetary policies from central banks, including the US Federal Reserve, could potentially stimulate global growth and improve investor sentiment towards risk-sensitive currencies like the AUD. Additionally, expectations of a narrowing interest rate differential between Australia and other countries in 2024 may provide support to the Australian dollar against major currencies like the USD, EUR, and GBP.

    BestExchangeRates.com keeps you up-to-date on Australian dollar forecasts by collating the views of reliable FX forecasters and economists together with recent AUD price trends. This analysis covers a wide range of factors including economic indicators, geopolitical events, central bank policies, and technical analysis to provide a thorough and current outlook on currency trends.

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