- The Australian dollar has risen from 55 cents to 64 cents against the US dollar
- Money that flooded into US dollars as investors seek the safety of 'safe haven' assets is now flowing in the opposite direction
- The AUD has also gone up against the Euro, Yen and British Pound
AUD to USD exchange rates
|In the last week||0.6133||0.6444|
|In the last month||0.5530||0.6444|
The Australian dollar has bounced back after it fell to 55 cents less than a month ago. It has rallied more than 9 cents against the US dollar but has also moved higher against most other major currencies.
While the coronavirus is still having an impact on the Aussie dollar, the positive news coming out around the world is actually helping the Australian dollar strengthen. Economic data which usually moves currency markets has almost been ignored. Every piece of data shows a massive slowdown in economic activity across the globe. The most recent being the NAB business survey which fell to an all-time low.
The Australian dollar recovery seems tied to the recovery of economies following shutdowns across the planet. The question remains, will the Australian dollar fall any further than 55 cents this year?