The Australian dollar appreciated toward $0.655, hitting its highest levels in nearly two weeks as stronger-than-expected domestic inflation data bolstered expectations that the Reserve Bank of Australia will not cut interest rates soon. The country’s consumer price index fell to 3.6% in the first quarter from 4.1% in the previous quarter, slowing for the fifth straight quarter but coming in above forecasts of 3.4%. Australia's monthly CPI indicator also accelerated to 3.5% in March from 3.4% in February, defying market expectations for no change. Earlier this week, data showed that private sector growth in Australia increased the most in 2 years during April as manufacturing activity approached the break-even level, while services activity remained expansionary for the third consecutive month. Externally, the Aussie benefited from a pullback in the US dollar as US business activity cooled in April, supporting a dovish outlook on Federal Reserve monetary policy.
The AUDUSD increased 0.0016 or 0.25% to 0.6538 on Friday April 26 from 0.6522 in the previous trading session. 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 April 26 of 2024.
The AUDUSD increased 0.0016 or 0.25% to 0.6538 on Friday April 26 from 0.6522 in the previous trading session. The Australian Dollar is expected to trade at 0.64 by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 0.61 in 12 months time.