The Australian dollar is expected to keep rising this year amid hopes of global growth, economists have predicted, and Aussies should be poised to take advantage of the lower prices. The AUD started at US$0.69 at the beginning of January 2020 and ended the year at US$0.77, a growth of about 12 per cent.
What is the prediction for the Australian dollar?
The Australian Dollar is expected to trade at 0.79 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 0.78 in 12 months time.
Will the Australian dollar go up in 2021?
The AUD is expected to appreciate relative to the USD by around 75 cents in 2021 alone. This is 5 cents more than what we saw in 2020.
What is the lowest the Australian dollar has been?
On Wednesday, the dollar hit a 17 year low, buying less than $0.60 US momentarily for the first time since 2003. While it’s since recovered slightly, the local currency has all but fallen off a cliff since the beginning of March when it was trading around $0.66 US, or 10% higher.
Will the Australian dollar keep falling?
Australian Dollar “Falling Short” of 2020 Targets, AUD/USD Risks Fall Back to 0.68. Analysts warn the Australian Dollar is vulnerable to fresh losses in the short-term, meaning the currency risks falling short of some previously bullish year-end forecasts. … We judge AUD/USD could fall to 0.6850.
Will AUD Go Up in 2020?
Forecasts for the Australian Dollar in 2020 from bank experts are revised throughout the year. … Right now, Westpac, NAB and CBA predict the AUD/USD to be around 0.7200 by the end of the year. ANZ expects it to be 0.7000.
Why is the Australian dollar dropping?
Australia’s dollar tumbled to a 17-year low on March 19 amid fears of a global coronavirus pandemic, which has since been declared by the World Health Organisation (WHO). … Trade tensions between the US and China have also weighed heavily on the dollar, given our economy is closely tied in with China’s.
What is the highest the Australian dollar has been?
The Aussie rose as much as 0.9% to 75.14 U.S. cents, the highest since June 2018.
Why is AUD so strong?
There is general consensus that the principal reason behind the strong Aussie dollar is that Australia currently fits the needs of one of the fastest growing regions in the world – Asia.
Why is Australian dollar so strong right now?
There are several forces driving the Australian dollar higher. First and foremost are the rising prices of commodities, particularly iron ore. The price of iron ore is trading at a near eight-year high as China supercharges its spending on infrastructure, which requires steel, which relies on iron ore from Australia.