Moving past Brexit, the currency markets have been pushing down the Euro out of fear of poor economic results from the Eurozone.
Forecasts Updated: Jul 19, 2021
EUR/AUD – The Euro gained versus the Aussie last week, finishing at 1.5960 from 1.5852 last week. Weekly high for this cross-currency pair was at 1.5975, which was hit last Friday. The recorded low occurred on Thursday which was at 1.5775.
The Covid-19 situation in Sydney and now Melbourne will continue to drive this currency pair.
AUD to EUR at 0.6241has fallen 1.6% below its 90-day average, range 0.6222-0.6456.
Australian dollar to Euro Forecasts
After struggling all year the Euro improved against the Aussie dollar in late May with AUD/EUR dropping from 2-YEAR HIGHS (over €0.64). The single currency was lifted by the Eurozone’s emergence out of recession and its member states accelerating their coronavirus vaccine rollouts.
Note that forecasts and predictions for the AUD/EUR exchange rate change all the time, affected by news events and relative sentiment towards the Australian and Eurozone economies and this exchange rate is even more volatile than usual because of the uncertainties around the pandemic.
Until the recent Fed Reserve pivot, the Australian dollar had benefited from the US dollar sell-off since late last year as investors moved away from the safe haven of the USD and into riskier assets. AUD Forecasts
The topside of the EUR/USD is now limited to 1.2000 and the risk is for a move to the next support at 1.1700. EUR Forecasts
Whether the Australian dollar will rise or drop in the future versus the yen is a difficult question and the answer really depends on many factors. The best way to consider the current AUD-EUR relative value is to check the change in the exchange over a range of periods to the present day. The below table does this for periods going back 10 years.
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