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. This was off the back of Biden winning the presidential election and the positive news of COVID-19 vaccine testing.
The previous AU dollar move of note was the 1D▼-1.5% drop when the highly-anticipated inflation data from the US Bureau of Labor Statistics announced on May 12th that the Consumer Price Index (CPI) had jumped above market expectations by a wide margin boosting the US dollar.
The Aussie had risen so far as to touch US80¢ briefly on Feb 25th before changing course abruptly during March — due to a surge in US treasury yields — to be trading down at Easter at around US76¢ to the greenback.
Before this ‘reflationary’ news the Australian Dollar had been rising due to a combination of rising Australian government bond yields and commodity prices racing ahead, these factors are two prime drivers of Aussie Dollar demand.
Last year, 2020 the year of COVID, saw solid gains for the AUD against the majority of currencies however forecasts were almost entirely driven by the effects and response to the Coronavirus pandemic rather than any fundamentals of the Australian economy.
However as we progress through 2021, the Aussie dollar is being buffeted by predictions of rising interest rates and inflation as the world starts the slow path to recovery from the pandemic.
The Australian dollar has gone nowhere so far this year trading in a two-cent range (US76c to US78c) but strategists say there is a good chance of the currency advancing given the optimistic global growth outlook.
The Australian dollar enjoyed a sharp uptick in mid-April, advancing above US77c and then US78c in May – its highest levels since the late February highs that saw the Aussie dollar nudging US80c.
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.
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AUD to USD
AUD to USD at 0.7544 has fallen 2.0% below its 90-day average, range 0.7478-0.7851.AUD/USD Rates
US Fed Reserve Statement and risk-off smacked the Aussie lower. AUD-USD Forecasts
AUD to GBP
AUD to GBP at 0.5416 has fallen 1.8% below its 90-day average, range 0.5410-0.5623.AUD/GBP Rates
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. GBP-AUD Forecasts
AUD to EUR
AUD to EUR at 0.6328 has fallen 1.1% below its 90-day average, range 0.6303-0.6487.AUD/EUR Rates
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. AUD-EUR Forecasts
AUD to SGD
AUD to SGD at 1.0157 has fallen 1.0% below its 90-day average, range 1.0056-1.0400.AUD/SGD Rates
AUD/SGD has dropped back from its peak of 1.045 in February but remains slightly up since the start of 2021 and an impressive 15 percent since the depths of pandemic despair in March last year. AUD-SGD Forecasts
AUD to NZD
AUD to NZD at 1.0770 is near its 90-day average, range 1.0612-1.0921.AUD/NZD Rates
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
AUD to JPY
AUD to JPY at 83.57 is 0.8% below its 90-day average, range 82.40-85.29.AUD/JPY Rates
The souring of risk appetite almost always sees this currency pair push lower. The Australian Dollar normally strengthens when risk appetite is healthy while the opposite follows. AUD-JPY Forecasts
AUD to HKD
AUD to HKD at 5.8595 has fallen 2.0% below its 90-day average, range 5.8048-6.0969.AUD/HKD Rates
In early 2021 AUD/HKD 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. AUD-HKD Forecasts
AUD to INR
AUD to INR at 56.07 has fallen 1.1% below its 90-day average, range 55.08-58.47.AUD/INR Rates
The Reserve Bank of India’s huge bond buying announcement in April 2021 devalued the Indian rupee back above 58 to the Australian dollar. AUD-INR Forecasts
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.
AUD to USD at 0.7544 has fallen 2.0% below its 90-day average, range 0.7478-0.7851.AUD/USD Rates
AUD to GBP at 0.5416 has fallen 1.8% below its 90-day average, range 0.5410-0.5623.AUD/GBP Rates
AUD to EUR at 0.6328 has fallen 1.1% below its 90-day average, range 0.6303-0.6487.AUD/EUR Rates
AUD to SGD at 1.0157 has fallen 1.0% below its 90-day average, range 1.0056-1.0400.AUD/SGD Rates
AUD to NZD at 1.0770 is near its 90-day average, range 1.0612-1.0921.AUD/NZD Rates
AUD to JPY at 83.57 is 0.8% below its 90-day average, range 82.40-85.29.AUD/JPY Rates
AUD to HKD at 5.8595 has fallen 2.0% below its 90-day average, range 5.8048-6.0969.AUD/HKD Rates
AUD to INR at 56.07 has fallen 1.1% below its 90-day average, range 55.08-58.47.AUD/INR Rates