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    Australian Dollar AUD Forecasts

    The outlook for the Australian dollar for 2023 is volatile due to up and down commodity prices, but also the possible end of the recent massive US dollar rally.

    Updated: Jan 23, 2023  

    Australian dollar Forecasts for 2023

    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.

    Early in 2023 the Aussie is trading near US70¢, however economists are divided as to whether this change in fortunes for the Australian dollar will continue throughout the year.

    AUD was widely expected to rise to US75¢ by the end of 2022 but many forecasters are curbing their optimism and cutting their predictions.

    That said, the Aussie was always forecast to have a volatile year against a range of currencies.

    Australians are more focussed on their currency exchange rate than are the citizens of most other countries! Read why in our Foreign exchange guide to Australia.

     


     

    Australian dollar: 90-day ranges & outlooks

    The following sections show a summary of forecasts for popular AUD cross rates, you can view each forecast article for more details.

    Australian dollar to US dollar

    AUD to USD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to USD at 0.7078 is 4.3% above its 90-day average 0.6786 with range 0.6285-0.7151. AUD to USD

    From December and into early 2023 the AUD/USD has surged back towards 0.68. This is well up from recent lows below 0.62 in October, when the Reserve Bank of Australia surprised markets raising interest rates by a quarter of a percent (less than expected), a sign that inflation down-under may be under control.

    However, the rise of AUD/USD has been more about USD weakness than any AUD strength as the greenback drops back from multi-year highs.

    AUD-USD Forecasts


      

    Australian dollar to British pound

    AUD to GBP 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to GBP at 0.5745 is 2.2% above its 90-day average 0.5621 with range 0.5481-0.5776. AUD to GBP

    In the first quarter the GBP/AUD exchange rate dropped on the impact of the Ukraine situation on commodity prices — this was good for AUD and bad for GBP.

    Since then the pound to Aussie rate has fluctuated around the 1.76 level (1 AUD = 0.56 GBP), except for a drop to 1.60 when the market rejected the new UK chancellors controversial tax policies.

    GBP-AUD Forecasts


      

    Australian dollar to Euro

    AUD to EUR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to EUR at 0.6500 is 1.1% above its 90-day average 0.6432 with range 0.6287-0.6577. AUD to EUR

    AUD/EUR reached a 5-year high in late August near 0.70, but has fallen back below 0.64/0.65 into 2023 – more due to AUD weakness than euro strength.

    With the Eurozone’s reliance on gas from Russia, the euro remains vulnerable with Putin’s so called Russian ‘special military operation’ in Ukraine.

    AUD-EUR Forecasts


      

    Australian dollar to Singapore dollar

    AUD to SGD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to SGD at 0.9288 is 1.3% above its 90-day average 0.9171 with range 0.8934-0.9389. AUD to SGD

    Last year AUD/SGD hit a recent peak of 1.03 in April but then dropped to below 0.88 in October as market optimism for AUD reduced drastically on inflation fears.

    Into 2023 the Aussie/Sing dollar rate has recovered to around the 0.92 level as the Aussie dollar regained ground on successive interest rate hikes from the RBA.

    AUD-SGD Forecasts


      

    Australian dollar to New Zealand dollar

    AUD to NZD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to NZD at 1.0975 is 1.7% above its 90-day average 1.0789 with range 1.0482-1.1018. AUD to NZD

    AUDNZD reached 1.145 in September, but the Aussie has weakened versus the Kiwi in October as the RBA surprised markets slowing down on the interest rate rises.

    However in 2022, the risk-off narrative sparked by the Ukraine situation coupled with a hawkish Federal Reserve, has impacted the Kiwi dollar more than the Aussie.

    AUD-NZD Forecasts


      

    Australian dollar to Japanese yen

    AUD to JPY 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to JPY at 91.96 is just above its 90-day average 91.75 with range 87.98-95.00. AUD to JPY

    In the second half of 2022 the Aussie to yen rate is still near multi year highs due to a weak yen and a strong rebounding Aussie dollar as the RBA began to raise interest rates, the first rises for a decade.

    Markets are split on whether or not to expect the AUD/JPY rate to continue heading towards the 100 level.

    AUD-JPY Forecasts


      

    Australian dollar to Hong Kong dollar

    AUD to HKD 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to HKD at 5.5497 is 4.7% above its 90-day average 5.3022 with range 4.9340-5.5994. AUD to HKD

    Into the last month of 2022 the AUD/HKD has risen back towards the 5.3 level mainly due to USD weakness (HKD is fixed to USD).

    In October AUD/HKD had dropped to 4.8 on record USD strength due to the Federal Reserve interest rate hikes.

    This HKD weakness has stopped the Aussie dollar’s long slide against the HK dollar, AUD/HKD was above the 6.0 level in March 2021.

    AUD-HKD Forecasts


      

    Australian dollar to Indian rupee

    AUD to INR 90-Day Currency Trend Chart with Hi, Low, Up, Down AlertsAUD to INR at 57.88 is 4.1% above its 90-day average 55.58 with range 51.97-58.29. AUD to INR

    In October, the Aussie dollar has weakened against the Indian Rupee, dropping below 53₹ as the RBA surprised markets with a less aggressive stance on raising interest rates.

    AUD-INR Forecasts

     

    Compare and Save on Australian dollar exchange rates

    When looking to exchange currency, it’s important to compare exchange rates from different providers to ensure you’re getting the best deal. Exchange rates can vary widely among banks, currency exchange offices, and online providers, so it’s worth shopping around to find the most competitive rate.

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    In addition to comparing rates, it’s also important to consider any additional fees or charges that may be associated with a particular exchange. Some providers may charge a flat fee, while others may take a percentage of the total amount exchanged. It’s important to take these fees into account when comparing rates to ensure that you’re getting the best overall deal.

    In summary, to get the best deal on Australian dollar exchange rates, it’s important to compare rates from different providers, and also to consider any additional fees or charges that may apply.

    Factors that affect Australian dollar exchange rates

    The Aussie dollar is a proxy in the markets for risk appetite, so AUD tends to go up and down depending on how confident traders are about growth prospects for the world economy.

    Australian dollar exchange rates are especially sensitive to news about China due to the two countries strong trade ties. Any increase in Chinese construction creates demand for iron ore, this is positive for AUD being Australia’s major export commodity.

    There are many other factors that can impact the value of the Australian dollar (also known as the “Aussie dollar”) in the foreign exchange market. Some of the most important factors include:

    1. Commodity prices: Australia is a major exporter of commodities such as iron ore, coal, and gold, and changes in the prices of these commodities can have a significant impact on the value of the Aussie dollar.

    2. Interest rates: Higher interest rates tend to attract more foreign capital, which can increase demand for the Aussie dollar and lead to appreciation of the currency.

    3. Economic growth: A strong economy can lead to increased demand for the Aussie dollar, as investors and traders seek to take advantage of the country’s favorable economic conditions.

    4. Inflation: Low and stable inflation can help to support the value of the Aussie dollar, as it suggests that the central bank is effectively managing the money supply and maintaining price stability.

    5. Government debt: Large government debt can be seen as a burden on the economy and can lead to concerns about the country’s ability to service its debt, which can weigh on the value of the Aussie dollar.

    6. Political stability: Political stability can help to create a favorable environment for investment, which can increase demand for the Aussie dollar.

    7. Trade balances: A trade deficit (where a country imports more goods and services than it exports) can lead to a decrease in demand for the Aussie dollar, as foreign countries have fewer Aussie dollars to reinvest in the country. Conversely, a trade surplus can lead to an increase in demand for the Aussie dollar.

    More Forecasts


     
     
    Posted under: #Forecasts #AUD
     

    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.