What drives the Australian AUD's performance in 2022?

The key drivers for the AUD's performance are interest rates and inflation data and aganist the USD, which has expereinced higher interest rates and inflation compared to Australia, the AUD fell at a steady rate for most part of 2022. Data from Westpac, the Australian dollar was 0.738 cents to the US dollar in March 2022.

What happened to AUD/USD in October 2022?

By 13 October 2022, AUD/USD fell to 0.6169, its lowest since April 2020. Most global currencies rose from their bottoms against the US dollar in November 2022 after October US inflation data came in lower than expected. The market moved quickly to price in a slower pace of US Fed rate hikes going forward.

Did Westpac lower AUD forecast in 2022?

That same month–September 2022–Westpac’s chief economist Bill Evans released a statement saying Westpac had “lowered [its] forecast for the AUD by year’s end from USD 0.69 to USD 0.65”. On December 31, 2022, the Australian dollar was worth 68 US cents.

What will CBA predict in the next 12 months?

CBA economists have predicted a much more tepid recovery over the next 12 months. The bank predicts the exchange rate would slip over the next quarter to June 2023, and to reach 0.68 by June 2024.