The Australian dollar fell below $0.675, heading back towards its lowest levels in over two years, after Reserve Bank of Australia Governor Philip Lowe said the case for a slower pace of rate hikes becomes stronger as the level of the cash rate rises. However, Lowe emphasized that the RBA remains “committed to doing what is necessary” to prevent the “scourge” of high inflation taking hold. The Australian central bank lifted the cash rate by 50 basis points to 2.35% earlier this week, raising interest rates by an aggregate of 225 basis points since May. Meanwhile, the aussie has come under pressure from the US Federal Reserve’s aggressive fight against inflation and disappointing trade data. Australia’s trade surplus shrank more than expected in July as iron ore and coal exports eased.
Historically, the Australian Dollar reached an all time high of 1.49 in December of 1973. Australian Dollar - data, forecasts, historical chart - was last updated on September of 2022.
The Australian Dollar is expected to trade at 0.67 by the end of this quarter, according to 王者荣耀电竞(江西)积分排榜 global macro models and analysts expectations. Looking forward, we estimate it to trade at 0.63 in 12 months time.