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)||0.82||0.73||0.72||0.78||0.71|
5 years of economic forecasts for more than 30 economic indicators.
Australia Exchange Rate Chart
Source: Thomson Reuters.
|Bond Yield||1.37||1.47 %||Dec 31|
|Exchange Rate||0.70||0.05 %||Dec 31|
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June 3, 2020
A severe bushfire season coupled with a prolonged drought and lockdown measures to combat the coronavirus pandemic hit the economy hard in the first quarter of the year.
June 2, 2020
At its monetary policy meeting on 2 June, the Reserve Bank of Australia (RBA) decided to keep the cash rate unchanged at an all-time low of 0.25%.
May 21, 2020
Preliminary data shows nominal retail sales in April nosedived at the fastest pace on record amid lockdown.
May 14, 2020
The Westpac-Melbourne Institute consumer sentiment index jumped to 88.1 in May from 75.6 in April, consequently recovering from the index’s worst reading since February 1991—logged amid the deep recessions of the early 1990s.
May 14, 2020
Seasonally-adjusted employment nosedived by 594,300 in April, following a revised 700 job addition in March (previously reported: +5,900).