The Aussie dollar has been on a slight downward trajectory for much of 2023. After starting the year at 0.68 USD, it climbed to a high of 0.72 USD in late January before falling and hovering around the 0.66 - 0.68 USD mark. Against the euro, 1 AUD has fluctuated in the 0.60 - 0.66 EUR range in 2023.
ANZ has noted in forecasts there is a high degree of uncertainty surrounding the pair and predicts the AUD to EUR will end 2023 at a value of 0.6100, while Westpac thinks it will finish at around 0.6700. Westpac argues that central bank policy movements will heavily influence AUD to Euro exchange rate.
As the mining and export industry thrives, the value of the Australian dollar rises. Strong demand – particularly from China – is driving this process. The current volatile market situation in the US and particularly Europe has helped make Australia's currency appear to be a safer alternative to investors.
1 USD = 1.479141 AUD Jul 25, 2023 03:28 UTC.
For today i.e. July 26th, Wed 2023, 1 Australian Dollar is equal to 55.3008 Indian Rupees. Today's expected low - high AUD to INR forecast rates is INR 55.2911 - 55.6111. respectively. Change in AUD to INR rate from previous day is +0.02%.
Will the Australian dollar rise? ING's Australian dollar forecast for 2023 saw the AUD/USD exchange rate at 0.71 by the fourth quarter of the year. Economic data aggregator TradingEconomics expected the Australian dollar to be priced at about 0.62626 against the US dollar in early 2024.
Australian Dollar to US Dollar Long-Term Forecast
CBA economists have predicted a much more tepid recovery over the next 12 months. The bank predicted the exchange rate would slip over the next quarter to June 2023, and to reach 0.68 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.
The 'Kuwaiti Dinar' is the highest currency in the world in 2023. In spite of the US dollar being the world's most traded and strongest currency, it is not the most expensive currency.
The 2023 Outlook for Major Currency Pairs
EUR/USD is predicted to reach 1.10 in March 2023, before declining to 1.08 September 2023 and holding at 1.08 in December 2023.
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 July of 2023.
Currently $1.00 US dollar to the Australian dollar is equivalent to $1.46 AUD. Comparing Australian currency to the United States dollar, $1.00 Australian dollar is equivalent to $0.68 USD.
The new world order is the reason why TD Securities' economist Prashant Newnaha is predicting the Australian dollar to reach parity against the US dollar by 2024. “We are a politically stable nation and a credible supplier of the commodities the world needs,” he said.
Iranian Rial (IRR)
Presently, 1 Indian Rupee equals 515.22 IRR, making the Iranian Rial the world's least valuable currency. This depreciation can be attributed to factors such as political unrest in the country, the Iran-Iraq war, and the nuclear programme.
If you are travelling to Europe from Australia, the best time to buy euros with Australian dollars in the last 12 months was in late August. This is because the AUD/EUR peaked at 0.6984 on August 26 2022, making it the best time to buy euros in over 5 years. It is also higher than the current rate of 0.6037.
Because the UK has higher inflation than Australia, the Bank of England has been more aggressive in raising interest rates than the Reserve Bank of Australia. This has caused the British Pound to outperform the Australian Dollar in 2023, leading to an increase in the GBP/AUD exchange rate.
The dollar weakened again late in 2022 and in the early months of 2023. By mid-year, the euro continues to trade higher than the dollar. “Relative currency values reflect the global flow of funds,” says Rob Haworth, senior investment strategy director at U.S. Bank.
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.
When the Australian dollar depreciates, or loses value, less foreign currency is required to purchase a given amount of Australian dollars. This makes Australian produced goods and services cheaper than before when compared with goods and services produced overseas.
The decision was made on 8 December 1983 and announced on 9 December 1983. In the two decades that followed, its highest value relative to the US dollar was $0.881 in December 1988. The lowest ever value of the dollar after it was floated was 47.75 US cents in April 2001.
Cost-effective destinations include Turkey, where the Aussie dollar has jumped by around 90 per cent against the lira, or Argentina, where it has gained about 34 per cent.
AUD/USD forecast: Price target for 2022-2025
It expected AUD/USD to trade at 0.63 in Q4 2022 and rise to 0.64 in Q1 2023. The pair may stabilise until Q2, before gradually rising to 0.66 in Q4 2023 and 0.69 in Q4 2024 as the currency is supported by a narrowing or weakening gap with the US interest rate.
The Australian dollar is expected to appreciate against the US dollar in 2021-22.
One of the safest currencies to invest in, besides the US Dollar and Euro, is the Swiss Franc. Stable market economy, high GDP, low unemployment rate, country's focus on supporting its national currency, an extremely advanced banking system – all these factors make the Swiss franc an attractive investment opportunity.