Will the Australian dollar get stronger against the Greenback?

In its currency forecast paper, Westpac predicted that the Australian dollar will strengthen against the greenback gradually over the course of this year, reaching 0.71 in March 2024 and 0.74 by the end of next year. Will the USD get stronger against the AUD?

What happened to the Australian dollar in August 2022?

While there was a slight increase in the Australian dollar in August 2022 to 0.71—which foreign exchange analysts at JP Morgan backed as a sign that the AUD/USD exchange rate could remain steady at 0.70 by the end of the year —the US dollar actually rose back to an average 1.49 compared to the Australian dollar throughout September.

What factors affect Australian dollar forecasts?

Keep these types of factors in mind when reviewing Australian dollar forecasts. Oil, gold, iron ore, uranium, nickel and coal are heavily influential on GDP, and the demand for these resources by China and India, in particular, may affect the AUD exchange rate and forecasts.

What drives the Aud to a lower level in 2022?

“Other factors that drive the AUD are commodity prices, interest rate differentials, and external trade balance,” Zaman says–but in 2022, the dominant driver of the downwards move was the strong US dollar.