AUD is climbing up. Overview for 05.05.2023
The Australian dollar is using the impulse of growth efficiently, rising to its two-weeks highs against the US dollar. The current AUDUSD quote is 0.6732.
Most probably, the AUD is supported by the weak dollar factor, while the fundamental background looks rather gloomy. The Reserve Bank of Australia has decreased expectations concerning inflation, wages, and the GDP for this year. By June, the average CPI will be 6.00%, from the earlier 6.25%. It is likely to drop to 4.00% by December.
The forecasts have been revised because the 11 interest rate hikes by the RBA since the start of the monetary policy tightening are beginning to influence the economy.
The current RBA interest rate is 3.85% per annum, and this must be the peak. Forecasts do not exclude a drop to 3.00% by mid-2025.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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