Analysis of recent Aussie→Dollar forecasts for 2024. We collate forecasts from respected FX analysts together with the latest Australian dollar to US dollar performance and trends.
Forecasts for AUD to USD
The Australian dollar has been exhibiting a turnaround as of late November, with its value climbing towards US66¢ amid market speculation. According to FX analysts, this upward movement is driven by expectations that U.S. interest rates may have peaked, while, on the other hand, the Reserve Bank of Australia is anticipated to continue its monetary policy tightening. The market view suggests that forthcoming rate hikes at the next two RBA meetings could further bolster the AUD. Additionally, Australia's significant role as a commodity exporter means that shifts in commodity prices, trade dynamics, and political situations remain crucial factors influencing the AUD's trajectory. Notably, any uptick in construction and demand for Australia's leading export, iron ore, particularly from China, signals a positive outlook for the currency. Factor in the AUD's status as a bellwether for global risk appetite, the currency often reflects traders' confidence in global economic growth prospects, making it sensitive to broader market sentiment.
On the US side, despite the resilience of the US dollar sustained by a strong economy and high Treasury yields, economists expect that the currency's strength will potentially wane into 2024. This anticipated reversal is linked to the culmination of the Federal Reserve's interest rate hiking cycle. The dollar has indeed been formidable against other major currencies, supported in part by risk aversion due to concerns over global growth, including the economic situation in China. However, Forex strategists in a Reuters poll project a modest weakening in the dollar next year as the Federal Reserve inches closer to its first interest rate cut. Analyzing recent price data, the AUD to USD at 0.6612 represents a 2.8% appreciation above the three-month average of 0.6434. This movement has occurred within a relatively stable 5.4% range of 0.6302 to 0.6645, pointing towards an environment where despite the AUD's recent gains, the currency pairing has avoided extreme volatility.
@bestfxrates : AUDUSD eyes a climb as it reaches US66¢, powered by RBA rate hike bets & US rate peak speculation. Commodity exports & global confidence fuel the rise. Despite a firm USD, economists foresee a softening trend into 2024. Recent 2.8% uptick marks a departure from the 3-month mean. #ForexUpdate
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AUD/USD historic rates & change to 01-Dec-2023
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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