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    Australian dollar market update

     

    The Australian dollar (AUD) has shown resilience and strength in recent market movements following the unveiling of Australia’s federal budget, with the AUD climbing against major currencies such as the US dollar, Euro, Pound Sterling, and Japanese Yen. Analysts suggest that the budget announcement could potentially fuel inflation, leading to the Reserve Bank of Australia (RBA) maintaining higher interest rates for a longer period. Despite starting the year significantly below the US 68¢ level, the AUD has experienced some recovery and is now trading at 90-day highs near 0.6695 against the USD, reflecting a 2.2% increase above its 3-month average.

    As the market remains focused on inflation data for further direction, the Australian dollar's performance is closely tied to global factors such as US activity, labor market conditions, and commodity prices, given Australia's status as a major commodities exporter. While the AUD has faced pressures from a more cautious Federal Reserve and policy shifts by the People’s Bank of China, any potential turnaround in risk appetite and global growth could support AUD’s long-term strengthening. However, Commonwealth Bank cautions that the AUD may face challenges ahead due to the likelihood of the US Fed delaying interest rate cuts until later this year, potentially keeping the Australian dollar under pressure in the near term.

    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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