Domestically, interest rates and inflation figures also affect how the Australian dollar performs on the foreign exchange market. And against the USD–which has even higher interest rates and inflation than Australia–the AUD has been falling at a steady rate (with some brief increases) for the better part of the last year or so. Nevertheless, the good times were not to last, and by February the Australian dollar had dipped back down again to the top five cryptocurrencies 0.68 USD mark, before sliding further to 0.66 USD by early July. And yet, it still had further to go, with the dollar dropping by more than 1% in one week of September alone to a 10-month low of 63.58 US cents. As of September 8, it was trading at 64 US cents and almost two months later, as of November 2, it was still hovering around this mark. Our currency rankings show that the most popular US Dollar exchange rate is the USD to USD rate.
While we may highlight certain positives of a financial product or asset class, there is no guarantee that readers will benefit from the product or investment approach and may, in fact, make a loss if they acquire the product or adopt the approach. CBA economists have predicted a much more tepid recovery over the next 12 months. The bank predicts the exchange rate would slip over the next quarter to June 2023, and to reach 0.68 by June 2024. Looking further ahead, Westpac was forecasting an AUD/USD exchange rate of 0.76 by June 2024 and NAB was predicting AUD to be 0.78 to the US dollar by June 2024.
These currency charts use live mid-market rates, are easy to use, and are very reliable. “We expect the US dollar to stabilise once the Federal Reserve slows or approaches the end of its interest rate hiking cycle and when global growth is synchronised,” Zaman says. Speaking to Forbes Advisor, ANZ’s head of FX research Mahjabeen Zaman explains why—despite the market stress occurring globally—the US dollar remained at such a strength during 2022. As Ray Attrill, NAB’s Head of FX Strategy within the Fixed income, Currencies and Commodities Division explains, that’s a 2.5 cents or 3.7% gain across the month. The Australian dollar started off 2023 on a high note, where it enjoyed a brief rise to .71 US cents in January after beginning the month at 0.68 USD.
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- This recent dip, however, started at the same time many economists were forecasting a US recession–while January’s gains were due to “softer than expected US-inflation related news” coming into the new year, Attrill said.
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- That’s an increase from the bank’s forecasts last September, when Westpac was forecasting the Australian dollar to be worth 0.74 by June 2024 while NAB predicted 0.72 to the dollar for the same time period.
- The exchange rate, while demoralising for US-bound travellers, is consistent with previous global crises, such as the GFC (where AUD was at 0.60 against USD) and the Covid-19 pandemic.
- Furthermore, as a number of European economies face headwinds, and China’s rate of growth appears to slow, many investors are backing ‘safe-haven’ investments like the US dollar.
The Federal Reserve last raised rates in July, and is adopting a watch-and-see approach to determine if they need to lift rates higher. “Other safe haven currencies include the Japanese Yen and the Swiss Franc,” Zaman says. Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger AUD/USD-bearish contrarian trading bias.
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Last year saw a fluctuation for the price of AUD, with ongoing global crises affecting the market significantly. As the RBA explains, Australia has a floating exchange rate, “meaning the movements in the Australian dollar exchange rate are determined by the demand for, and supply of, Australian dollars in the foreign exchange market”. Banks often advertise free or low-cost transfers, but add a hidden markup to the exchange rate. Wise gives you the real, mid-market, exchange rate, so you can make huge savings on your international money transfers.
The Australian dollar has been dropping in value due to global economic factors. Without a strong global outlook, the demand for Australian dollars falls, which in turn affects its value negatively. Furthermore, as a number of European economies face headwinds, and China’s rate of growth appears to slow, many investors are backing ‘safe-haven’ investments like the US dollar. To the extent any recommendations or statements of opinion or fact made in a story may constitute financial advice, they constitute general information and not personal financial advice in any form. As such, any recommendations or statements do not take into account the financial circumstances, investment objectives, tax implications, or any specific requirements of readers. When covering investment and personal finance stories, we aim to inform our readers rather than recommend specific financial product or asset classes.
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USD to AUD History Rates by Year
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Top currency pairings for US dollar
Exchange-rates.org has been a leading provider of currency, cryptocurrency and precious metal prices for nearly 20 years. Our information is trusted by millions of users across the globe each month . We have been featured in some of the most prestigious financial publications in the world including Business Insider, Investopedia, Washington Post, and CoinDesk. Zaman notes that ANZ expected the Australian dollar would appreciate towards the middle of the year. Other banks in the Big Four were in agreement, with Westpac forecasting the AUD/USD exchange to reach 0.70 by June 2023.
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That’s an increase from the bank’s forecasts last September, when Westpac was forecasting the Australian dollar to be worth 0.74 by June 2024 while NAB predicted 0.72 to the dollar for the same time period. Largely, it comes down to the US dollar traditionally providing a safe haven status in times of market stress. According to data from Westpac, the Australian dollar was 0.738 cents to the US dollar in March 2022. In April, 0.736; May, 0.705; June, 0.702; July 0.686; a slight increase in August to 0.696; and back down significantly to 0.667 for the month of September. Create a chart for any currency pair in the world to see their currency history.
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