AUD/USD to clamber back to 0.71 on a six-month view – Rabobank

AUD/USD has failed to sustain above 0.69. But economists at Rabobank expect the pair to move back higher towards 0.71 over the coming months.

Aussie to catch its breath

“Going forward Australian growth is set to slow. The central bank forecasts growth at 3.25% over 2022, underpinned by growth in consumption and a recovery in investment and service exports. Growth is then expected to slow to around 1.75% over both 2023 and 2024. This outlook compares favourably with the Eurozone, UK and the US all of which are at risk of recession next year. 

“We had anticipated a pullback to AUD/USD 0.69 on the back of dollar strength. We continue to see scope for AUD/USD to clamber back to 0.71 on a six-month view.”