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AUD NEWS: Australian Dollar Weekly Review - 17 April 2020

17th April 2020

Australian Dollar (AUD) Weekly Review

  • AUD/USD trading at: 0.6362 – Down over a cent on the week’s high 
  • AUD/GBP trading at: 0.5099 – Up almost a cent on the week’s low
  • AUD/EUR trading at:  0.5864 – Up over a cent on the week’s low
  • AUD/NZD trading at: 1.0602 – Up almost 2 cents on the week’s low

*Rates shown are market rates, not available to the public. Rates are current as at 17 April 2020.

The Australian Dollar started the week strongly as hopes that the lockdowns implemented by global governments were having a positive impact and reduced demand for the safe-haven US Dollar.

However, a gloomy global growth outlook from the IMF and plummeting oil prices knocked the ‘Aussie’ back as the week continued.

The Australian Dollar recorded notable losses against the US Dollar, Pound and Euro, despite Australia’s better-than-expected employment data.

However, AUD exchange rates staged a rebound before the weekend, with the currency jumping against its rivals ahead of the release of China’s latest growth data.

Australian Dollar Forecast for week beginning 18 April 2020

As long as the number of coronavirus infections and fatalities continues trending lower in the world’s most affected areas, risk appetite will remain elevated – lending the Australian Dollar support.

But while the currency market is likely to continue being driven by coronavirus developments next week the ‘Aussie’ may also be moved by some key data, including:

  • The minutes from the last Reserve Bank of Australia policy meeting
  • The Westpac leading index
  • Manufacturing/services PMIs

Declining output in the Australian manufacturing and services sectors could limit the ‘Aussie’s potential for gains.

Other key releases include inflation data from New Zealand and the UK and the ZEW economic sentiment survey for the Eurozone.

*Forecasts provided by TorFX TorFX Pty Ltd. AFS Licence number 246838. The information on this website has been provided for general information purposes only and must not in any way be construed or relied upon as personal advice.