The Australian dollar hits 70 cents for the first time since the start of 2020

The Australian dollar has risen back above 70 cents for only the second time since the first week of 2020. It has now recovered more than 20% since bottoming out in March when it fell below 58 cents.

The amazing surge of the Australian dollar largely reflects a changing mood across global markets that not only is the worst of the COVID-19 pandemic behind us, but also that the impact will be less severe than previously forecast.

The AUD has performed strongly, not just against the US dollar. It has risen sharply against most major currencies.

AUD to USD exchange rates

In the last week0.68850.7054
In the last month0.64080.7054

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