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
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Exchange Rate (vs USD) | 0.89 | 0.82 | 0.73 | 0.72 | 0.78 |
Australia Exchange Rate Chart
Source: Thomson Reuters.
Australia Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.73 | 1.47 % | May 13 |
| Exchange Rate | 0.70 | 0.05 % | May 13 |
| Stock Market | 6,381 | 0.08 % | May 13 |
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Economic News
Australia: Consumer sentiment moves further into optimistic territory in May
May 16, 2019
The Westpac-Melbourne Institute consumer sentiment index rose to 101.3 in May from 100.7 in April.
Australia: Labor market paints a mixed picture in April
May 16, 2019
Seasonally-adjusted employment increased by 28,400 in April from the previous month, following the revised 27,700 jobs added in March (previously reported: +25,700 jobs) and more than doubling analysts’ expectations of a gain of 14,000.
Australia: Business confidence ticks up in April
May 14, 2019
The business confidence index produced by National Australia Bank (NAB) rose almost imperceptibly to minus 0.3 points in April from March’s revised minus 0.6 points (previously reported: minus 0.4 points), which had marked the weakest result in over five years.
Australia: RBA stands pat in May
May 8, 2019
At its 7 May 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.
Australia: March’s tepid growth in retail sales casts a shadow on consumer spending in Q1
May 7, 2019
Nominal retail sales in March rose 0.3% over the previous month in seasonally-adjusted terms, following February’s revised 0.9% jump (previously reported: +0.8 month-on-month), which had marked the strongest expansion in over a year.
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