According to the most recent forecasts, the Aussie Dollar isn’t likely to get much of a boost in the future, with little to no movement predicted for the coming 12 months. According to 48 analysts recently polled, the Aussie Dollar is likely to trade against the US Dollar at $0.7700 over the course of the next six months, edging slightly higher to $0.7800 twelve months out. Earlier this year, forecasters had predicted that the Aussie Dollar would be trading close to $0.7200 around this time. However, even recent pressure from soft inflation data which put the AUD/USD at $0.7648 earlier are still above predictions. Last week, the RBA released its inflation forecast and indicated that it was unlikely that the 2-3% target band would not be reached until early 2019; earlier expectations suggested that target would be hit by early next year.
As reported at 11:33 am (GMT), the AUD/USD was trading at $0.7652, down 0.09%; the pair earlier hit a peak of $0.76657 while the low for the session is at $0.76390. The AUD/NZD is higher at N$1.1065, a gain of 0.60%; the pair has ranged from a low of N$1.10211 to a peak of N$1.10709.
Kiwi Seen as Slowly Gaining Ground
The NZD/USD is trading at $0.6913, down 0.20%; the pair has ranged from a low of $0.69030 to $0.69375 in today’s trading session. Analysts have downgraded their forecasts for the Kiwi Dollar amid new concerns that the left-leaning government might pursue anti-foreign investment policies. Analysts predict that the NZD/USD is likely to remain at $0.7000 in November 2018. The pair has fallen from July’s high of $0.7557 to October’s low of $0.6818.