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||2.27||1.47 %||Jan 14|
|Exchange Rate||0.72||0.05 %||Jan 14|
|Stock Market||5,833||0.08 %||Jan 14|
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January 16, 2019
The Westpac-Melbourne Institute consumer sentiment index fell from 104.4 in December to 99.6 in January.
January 11, 2019
Nominal retail sales growth in November came in at 0.4% over the previous month in seasonally-adjusted terms, following October’s 0.3% expansion.
December 20, 2018
Seasonally-adjusted employment increased by 37,000 in November compared to the previous month, following the revised 28,700 jobs added in October (previously reported: +32,800 jobs) and overshooting analysts’ expectations for a gain of 20,000.
December 12, 2018
The Westpac-Melbourne Institute consumer sentiment index inched up from 104.3 in November to 104.4 in December.
December 11, 2018
The business confidence index produced by National Australia Bank (NAB) declined to 3.2 points in November from October’s revised 4.5 points (previously reported: 4.2 points).