The Australian dollar against the Euro dollar exchange rate (AUDEUR) changes every second. This article shares bank forecasts to help you predict changes in the AUDEUR rate.
2021 AUD to EUR: Aussie dollar strength against the Euro
In 2021, the 'Big 4' major Australian banks predict the AUD to Euro to stay above 60 cents for the rest of the year. Currently the AUD/EUR exchange rate is consolidating around 64 cents. In 2020, the AUDEUR exchange rate plummeted to 11 year lows below $0.5400, only to bounce back above $0.6051.
AUDEUR Bank expert rate forecasts 2021
Source: International bank aggregate data
How will the AUDEUR perform in 2021?
Why is the AUDEUR rising?
- Australian economy bounces back relatively better than European economies
- Vaccine rollout reduces coronavirus globally despite new strains
- A weaker US dollar as the US economy struggles
- China’s demand for Australian and European commodities grow
- Economic growth on a global scale recovers
What do bank analysts think about the AUDEUR?
Most of the banks agree China’s demand will improve, government spending will remain high and a vaccine rollout, will support the Australian Dollar and the Euro. However, there is a risk of wider fluctuations this year than bank analysts are predicting in their forecasts.
5 Things to know about the AUDEUR
- AUD/EUR tells you how many Euros are needed to purchase one Australian dollar
- The AUD/EUR can fluctuate quickly. That’s why money exchange services offer rate alerts to help you get the best exchange rate
- It's heavily influenced by a weak US dollar and local handling of the coronavirus.
- The Eurozone/Euro area includes 19 of the Member States of the European Union (EU) that have adopted the Euro as their primary currency.
- The Australian dollar is known as a 'commodity currency' and is influenced by commodity prices.
AUD bank forecast major crosses for 2021
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This article looks at what the banks are predicting for the Australian dollar (AUD) over the long term in 2022.