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    AUD to USD Forecasts

    The outlook for the Australian dollar for the rest of 2022 is positive thanks to optimism over commodity prices. However, if recession becomes a reality, then all of its optimism could suddenly turn sour.

    Updated: Oct 11, 2022  

     

    1 AUD = 0.6797 USD
    Sell AUD  →  Buy USD
    AUD to USD at 0.6796 is 3.6% above its 90-day average 0.6558 with range 0.6199-0.6887.
    |
      1 USD = 1.4712 AUD
     
    AUDUSD :
    60-DAYHIGH
    4-DAY+2.2%

    Australian dollar Outlook

    In October the Aussie weakened after the Reserve Bank of Australia surprised the markets when they only raised interest rates by a quarter of a percent.

    This was despite the fact that they had raised rates for 6 months in a row.

    DateAUD/USDChangePeriod
    18 Nov 2022
    0.6675
    1.8% 2 Week
    03 Sep 2022
    0.6813
    0.3% 3 Month
    02 Dec 2021
    0.7087
    4.1% 1 Year
    03 Dec 2017
    0.7588
    10.5% 5 Year
    04 Dec 2012
    1.0474
    35.1% 10 Year
    07 Dec 2002
    0.5606
    21.2% 20 Year
    AUD/USD historic rates & change to 02-Dec-2022

     

    Compare and Save on AUD Exchange Rates

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    Factors Affecting AUD Forecasts

    CBA suggest the Aussie to move lower below US62¢. The bank had already lowered their forecast for the Aussie to fall to US62¢ by December as the slow down in the Chinese economy hits the price of many of Australia’s key commodity exports.

    As predicted, the AUD’s traditional vulnerability to risk has left it exposed to a broader correction into October.

    The Aussie dollar hit a recent high near US76¢ in early April but then has dropped back on global inflation and recession concerns.

    Commodity-linked currencies such as the Aussie dollar had been moving up as Russia’s tragic invasion of Ukraine pushed up demand for oil and other natural resources.

     

    The Aussie dollar rebounded from around US62¢ in October and November on the suggestion that the RBA would slow the pace of interest rate hikes.

    However, economists are divided as to whether this change in fortunes for the Australian dollar will continue into the new year.

    AUD Forecasts

    Economists expect the US dollar’s strength over the past year to reverse in 2023 as the Fed’s interest rate hikes cycle to an end.

    A clear reflection of this is that the US Dollar index (measure of the USD strength against basket of currencies) which has pulled back from 20 year highs.

    USD Forecasts

     

    COVID impact on the Aussie dollar

    In the second quarter of 2020 AUD staged a rapid recovery through the months of April, May and into June up 25% from its mid-March lows to US70c in early June. This is due more to the perceived benefits to Australia of an awakening post-pandemic Chinese economy than the political-social situation in the US depressing the USD.

    The Aussie had been savaged in March sliding to US55 cents the lowest since 2003. Growing fears of the coronavirus outbreak moved the market into safer currencies such as the USD and away from AUD, NZD and CAD.

    The virus was a double blow to the Aussie after the earlier threat of proxy war between the US and Iran in Iraq had also pared back some of the gains the Aussie had made coming into the New Year.

    The Australian dollar had started the new decade strongly climbing to multi-month highs helped along by cooling trade tensions between the United States and China and optimism for global economic growth in the year ahead.

     

     

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    Posted under: #Forecasts #AUD #USD
     

    Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.