The Australian Dollar opens 2020 above 70 cents but then falls

In short

1. AUD/USD finishes 2019 just above 70 cents
2. A stronger US dollar sends it lower in early January
3. Forecasts for the Australian dollar in 2020 predict a lower exchange rate

The Australian dollar had a strong end to 2019, hitting a 6 month high above 70 cents on the last day of the year.

With holidays in most major markets, it has been a slow start to the calendar year. The AUD/USD exchange rate has fallen back below 70 cents as the US dollar has gotten stronger.

Against the other major currencies, the Australian dollar has been largely unchanged for the last week with little volatility.

Where will the Australian dollar go in 2020?

Forecasts for the Australian dollar in 2020 vary however most major banks are expecting the AUD/USD to fall from its currency exchange rate.

All 4 of the major banks in Australia expect it to be between 65 and 70 cents by the middle of the year. The banks are expecting the AUD to GBP to move higher and the AUD to EUR to fall from where it is now.\