Exchange Rate in Australia
Australia - Exchange Rate
Australian dollar slides to weakest value in over six years
On 7 September, the Australian dollar (AUD) fell to 0.69 USD per AUD, bringing the exchange rate to levels not seen since 2009. The figure marked a 25.9% annual deterioration and a 6.0% weakening from the same day last month. Since 7 September, the currency has levelled off and has stabilized around the 0.71 USD per AUD mark.
The value of the AUD has been steadily declining over the past year, and has roughly been in line with the winding down of commodity prices that began in mid-2014. Indeed, the devaluation of the currency has been welcomed by the Reserve Bank of Australia, which had called for a weaker dollar in order to stimulate growth as the economy slowed.
The depreciation of Australia’s terms of trade since the beginning of the year does not show any signs of abating. The Chinese economy is enduring structural problems that are limiting growth and thereby reducing demand for Australian exports. Furthermore, concerns over instability surrounding a Fed rate hike, and a strengthening USD, will likely add to the downward pressure on the value of the AUD.
FocusEconomics Consensus Forecast panellists expect the USD to trade at 0.71 per AUD at the end of this year. For 2016, the panel projects the USD to trade at 0.71 per AUD.
Australia - Exchange Rate Data
|Exchange Rate (vs USD)||0.89||0.82||0.73||0.72||0.78|
5 years of economic forecasts for more than 30 economic indicators.
Australia Exchange Rate Chart
Source: Thomson Reuters.
|Bond Yield||2.03||1.47 %||Mar 11|
|Exchange Rate||0.70||0.05 %||Mar 11|
|Stock Market||6,263||0.08 %||Mar 11|
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Australia: Consumer sentiment moves to pessimistic territory in March following a disappointing Q4 2018
March 13, 2019
The Westpac-Melbourne Institute consumer sentiment index fell from 103.8 in February to 99.8 in March, marking the worst reading in one year and a half.
March 12, 2019
The business confidence index produced by National Australia Bank (NAB) fell to 2.0 points in February from 3.6 points in January.
March 7, 2019
Nominal retail sales in January rose 0.1% over the previous month in seasonally-adjusted terms, contrasting December’s 0.4% contraction.
March 6, 2019
Australia’s economy slowed further in the fourth quarter, dragged down by notable contractions in fixed investment and foreign sales, according to figures released by the Australian Bureau of Statistics (ABS) on 6 March.
March 5, 2019
At its 5 March monetary policy meeting, the Reserve Bank of Australia (RBA) left the cash rate unchanged at an all-time low of 1.50%, where it has been for over two years.