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  • Writer's pictureChris Broadfoot

Currency exchange rate update, May 21st, 2023.

The Australian dollar has experienced a decline this last week due to unfavourable Chinese economic indicators, leading investors to lose confidence in the Aussie currency. The AUD exchange rate closed at 0.6649 against the US Dollar.


Moreover, the rising unemployment rates in the region have further prompted investors to retreat from this prominent currency. All attention is now focused on the forthcoming economic data, as it holds the potential to salvage the Australian dollar from its current predicament.


This week, the People's Bank of China (PBoC) intends to unveil its decision regarding interest rates. Previously set at 3.65%, any alteration to this rate will inevitably exert a direct influence on the AUD markets. This is mainly due to the substantial trade partnership between Australia and China within the commodity industry.


Furthermore, we anticipate the announcement of the Reserve Bank of New Zealand's (RBNZ) interest rate decision in the following week. Currently standing at 5.25%, analysts predict a potential increase to 5.5%. New Zealand is poised for a bustling week as they are also preparing to disclose their retail sales data. The AUD/NZD closed the week down dropping below 1.06 for the first time since December.


Australian Dollar to New Zealand Dollar Currency Exchange Rates
AUD/NZD Chart


Lastly, the FOMC meeting minutes are scheduled to be released on Wednesday, furnishing investors with insights into the rationale behind their monetary policy decisions. This information has the potential to instigate volatility in the USD markets, including the AUD/USD exchange rate which is finding it difficult to get back to the 0.67c mark.


If you have any questions about currency exchange or are looking to send money overseas, reach out to us at SportsFX.


Australian Dollar to US Dollar Currency Exchange Rates
AUD/USD

Feel free to contact us anytime to discuss your specific situation. We are here to assist you in effectively managing your overseas earnings, providing valuable information and guidance tailored to your needs.



Chris Broadfoot SportsFX

Chris Broadfoot

Founder


SportsFX




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