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||0.93||1.47 %||Sep 04|
|Exchange Rate||0.68||0.05 %||Sep 04|
|Stock Market||6,656||0.08 %||Sep 04|
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September 19, 2019
Seasonally-adjusted employment rose by 34,700 in August, following a revised 36,400 job addition in July (previously reported: +41,100).
September 11, 2019
The Westpac-Melbourne Institute consumer sentiment index dropped from 100.0 points in August to 98.2 points in September.
September 11, 2019
The business confidence index produced by National Australia Bank (NAB) dropped to plus 1.4 points in August from July’s 3.8 points.
September 4, 2019
According to figures released by Australia’s Statistical Institute (ABS) on 4 September, GDP expanded 0.5% quarter-on-quarter in seasonally-adjusted terms in Q2, following a revised increase of the same magnitude in the first quarter (previously reported: +0.4% quarter-on-quarter).
September 3, 2019
Nominal retail sales in July contracted 0.1% over the previous month in seasonally-adjusted terms, swinging from June’s healthy 0.4% increase.