At the time of writing, one US dollar is worth 1.44 Australian dollars. This strength continues post-pandemic because as economies battle inflationary pressures, there has been growing fears of a global recession—fears that have continued into 2023.
Currently $1.00 US dollar to the Australian dollar is equivalent to $1.46 AUD.
1 AUD = 0.687096 USD Jun 18, 2023 06:15 UTC
Check the currency rates against all the world currencies here. The currency converter below is easy to use and the currency rates are updated frequently.
There are three main reasons for the forecast poor performance of the Australian dollar against the US dollar (AUD/USD), according to CBA head of international economics Joseph Capurso. These are commodity prices, China's post-pandemic recovery and interest rate differentials.
Based on its performance in 2023 the Australian dollar is currently strongest against the Sri Lankan Rupee, up 22% for the year. The Rupee is down against all major currencies due to the economic crisis in that country.
Historically, the Australian Dollar reached an all time high of 1.49 in December of 1973. Australian Dollar - data, forecasts, historical chart - was last updated on June of 2023.
Can you use Australian Dollars in the US? No, you can't. You must use US currency (USD) when you're there.
If foreign investors purchase more Australian assets, more money flows into Australia. This leads to increased demand for Australian dollars. In addition, if Australian or foreign investors prefer to hold more Australian assets than otherwise (rather than purchasing overseas assets), less money flows out of Australia.
The Kuwaiti dinar continues to remain the highest currency in the world, owing to Kuwait's economic stability. The country's economy primarily relies on oil exports because it has one of the world's largest reserves. You should also be aware that Kuwait does not impose taxes on people working there.
Australian dollar predictions in 2023
ANZ, CBA, NAB and Westpac expect the Australian dollar to average 70 cents against the US dollar in 2023, with no year-on-year average change in exchange rates.
Japan and Korea are top choices from an Aussie dollar perspective.
The main reason for the strength of the Australian dollar is high commodity prices, says Shane Oliver, chief economist at AMP Capital. That is a big positive for our economy and creates demand for Australian-dollar denominated investments by foreign investors.
Despite this, most analysts in the foreign exchange space seem to believe that 2023 could be the year in which AUD finally moves past all of this volatility and makes sustained gains.
Australian Dollar to US Dollar Long-Term Forecast
Looking further ahead, Westpac is forecasting an AUD/USD exchange rate of 0.76 by June 2024 and NAB is predicting AUD to be 0.78 to the US dollar by June 2024.
In addition, uncertainty around international trade, geopolitical tensions, the US debt ceiling and the US banking collapse have caused investors to move away from riskier assets like the AUD. This combination of factors has caused the Australian dollar to be weaker than its peers in recent months.