AUD is plummeting. Overview for 06.09.2023
The Australian dollar, paired with the US dollar, had declined even further. The current AUDUSD exchange rate stands at 0.6383.
Today's levels for the Aussie are the lowest since November 2022. The Australian dollar is weakening despite the release of relatively strong Q2 GDP data for Australia.
The AUD is facing a downturn in the absence of earlier support from the Reserve Bank of Australia. This week, the RBA kept the interest rate unchanged at 4.1% per annum for the third time in a row. The regulator stated that inflation has likely peaked, although it is still high. At the same time, according to the RBA's assessments, the economy is growing at a slower pace than expected, with the possibility of rising unemployment.
Australia's GDP for April to June this year expanded by 0.4% q/q (2.1% y/y) against the forecast of 0.4% q/q (2.4% y/y). Economic growth was mostly driven by strong exports and active government investments.
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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