Forecasts for the Australian dollar change all the time, affected by news events and relative sentiment towards the Australian economy. But in 2020, AUD exchange rates have been driven almost entirely by the effects of the Coronavirus pandemic rather than any fundamentals of the Australian economy.
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What’s in this Australian dollar forecast summary?
The pandemic year 2020 saw solid gains for the AUD against the majority of currencies, in particular from the initial pandemic driven market volatility in March right through to the end of the year. This was off the back of positive sentiment which continues to drive direction into 2021.
The Australian dollar enjoyed a sharp uptick mid-April, advancing above US77c through resistance amid a heightened demand for risk and lower US Treasury yields.
The second week of April had seen the Aussie dollar fall back to trade around US76c — down from its late February highs that saw the Aussie dollar nudging US80c.
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.
The following sections show a summary of bank forecasts for popular AUD cross rates that we have reviewed, you can view each forecast article for more details.
AUDUSD at 0.7739is just above its 90-day average, 0.7582-0.7976 range.
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AUD to GBP
NAB have revised upwards their Aussie to pound sterling forecasts now expecting the GBP/AUD rate to be at A$1.88 by June 2022. For 2020, it sees GBP to remain at A$1.81 at year-end. GBP-AUD Forecasts
AUDGBP at 0.5595is just above its 90-day average, 0.5501-0.5674 range.
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Alert:1D▼-0.5% |
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AUD to EUR
The Euro continues to struggle in 2021 against the Aussie dollar with AUD/EUR near 2-YEAR HIGHS (over €0.64) due to the Aussie dollar strength and uncertainties over the Eurozone Covid vaccine roll-out. AUD-EUR Forecasts
AUDEUR at 0.6459is just above its 90-day average, 0.6286-0.6554 range.
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AUD to SGD
So far in 2021 the AUD/SGD rate remains up over 8 percent since the start of 2020 and an impressive 18 percent since the depths of pandemic despair in March last year.
AUDSGD at 1.0327is just above its 90-day average, 1.0130-1.0519 range.
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AUD to NZD
National Australia Bank (NAB) have revised upwards their Aussie/Kiwi dollar forecasts now expecting the AUD/NZD rate at NZ$1.09 by June 2021, up from their previous forecast of NZ$1.06. AUD-NZD Forecasts
AUDNZD at 1.0834has risen 0.6% above its 90-day average, 1.0574-1.0921 range.
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AUD to JPY
In the first weeks of April AUD/JPY is steady around ¥83-¥84, well past National Australia Bank’s prediction of ¥79 for the end of the first quarter 2021. AUD-JPY Forecasts
AUDJPY at 84.19has risen 1.9% above its 90-day average, 79.66-84.88 range.
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AUD to HKD
In early 2021 AUD/HKD has hit it highest level (around 6.05) since June 2018. This is on the back of positive headlines that are boosting risk sentiment, prompting investment in equities and taking money away from the USD, to which the HK dollar is pegged.