The Australian dollar depreciated towards $0.72 in late September, the lowest since August 23rd, amid mounting concerns about a slowing global growth and as iron ore, the country's single biggest export earner, tumbled. At the same time, investors continued to turn to the USD after the central bank signalled tapering could soon begin and end next year. Early in the month, Reserve Bank of Australia Governor Philip Lowe played down expectations of higher interest rates before 2024, even as he predicted a strong rebound for the economy next year. Lowe also said the RBA would keep tapering its bond-buying over time and would likely stop altogether sometime next year in line with several other central banks.
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 2021.
The Australian Dollar is expected to trade at 0.72 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 0.71 in 12 months time.