Australian Dollar Exchange Rate Forecast for October 9
Earlier this week the AUD/USD fell to 0.86555 but recovered throughout Tuesday and Wednesday and at one point reached as high as 0.8828. However, it began falling again on Wednesday after the IMF cut its forecast for global economic growth this year. Minutes of the Federal Reserve’s latest meeting are due to be published soon and this will probably cause the AUD to fall even further in the next couple of days.
It is a similar story against the GBP, on Wednesday morning GBP/AUD pair was up at 1.8330. While the Federal Reserve meeting minutes will have a lesser impact on the GBP, the knock-on effect of the IMF’s revised forecast will likely lower the AUD. The EUR has also been strengthening against the AUD; however, this could change after the President of the ECB makes a speech on Thursday afternoon. There’s a chance that the EUR will lose value if the speech suggests a looser monetary policy will come into effect in the near future.