Analysis of recent aussie→euro forecasts. We collate forecasts from respected FX analysts together with the latest AUD to EUR performance and trends.
Forecasts for AUD to EUR
According to recent forecasts from major Australian banks and currency market updates, the Australian dollar (AUD) is expected to weaken against the euro (EUR) in the coming months. The downgrades in AUD forecasts are a result of incorrect assumptions about improved Chinese demand for iron ore and a softer US dollar. With NAB anticipating a decline to US62¢ and CBA suggesting the possibility of AUD going below US60¢, the current outlook is negative for the Australian currency. Australia's heavy reliance on commodity exports and its vulnerability to changes in commodity prices, trade policies, and political developments further contribute to the uncertainty surrounding the AUD's value.
On the other hand, the euro (EUR) has experienced a rally against the AUD and GBP in recent months, as noted by HSBC. However, HSBC believes that this rally has come to an end and expects a reversion lower in the months ahead. This shift in sentiment is driven by consumer confidence weakening in the Eurozone, which tends to precede macroeconomic underperformance. The overall performance of the Eurozone economy and the direction of European Central Bank interest rates are also important factors influencing the value of the euro exchange rate.
Looking at recent price data, the AUD to EUR exchange rate is currently at 60-day highs near 0.6119, trading 1.7% above its 3-month average of 0.6016. The exchange rate has remained relatively stable within a 5.0% range from 0.5856 to 0.6150. As for oil price movements, with the Brent Crude OIL to USD rate at 95.38, 11.7% above its 3-month average of 85.37, volatility in the oil market may impact the euro in the future.
In conclusion, the market view suggests a potential weakening of the Australian dollar against the euro in the coming months. Factors such as commodity prices, trade policies, political developments, and the overall performance of the Eurozone economy will play a significant role in determining the exchange rate between AUD and EUR. Individuals and businesses seeking to make international transactions between these currencies should closely monitor these factors and consider seeking advice from FX analysts or economists.
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@bestfxrates : According to recent AUD market updates, the AUD is forecasted to weaken against the EUR in coming months. #AUD #Forex. Unfavorable Chinese demand for iron ore and a soft US dollar drive this outlook. The EUR's recent rally may be ending due to dwindling confidence in Eurozone. AUD/EUR rates at 60-day highs near 0.6119, a 1.7% hike from its 3-month average. Stay tuned for updates. #currencyexchange #economicforecast
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Forecasts disclaimer: Please be advised that the forecasts and analysis of market data presented on BestExchangeRates.com are solely a review and compilation of forecasts from various market experts and economists. These forecasts are not meant to reflect the opinions or views of BestExchangeRates.com or its affiliates, nor should they be construed as a recommendation or advice to engage in any financial transactions. Read more