Australian Dollar Monthly

The AUD/USD exchange rate had its least volatile month since December 2002 in June, before closing the month 0.3% higher, its third monthly increase in the past four months and its highest monthly close since December last year.

The Australian dollar had its strongest monthly rise against the greenback since December, climbing 2.8% in May. The exchange rate began the month trading below US$0.65 but received a lift early as the greenback sank after a tepid US employment report boosted market expectations for Fed rate cuts this year.

The Australian dollar slipped against the stronger US dollar in April, its third monthly loss in the past four. The exchange rate started the month positively as softish US economic data and dovish comments from Fed Chair Jerome Powell drove the greenback lower, while the Aussie rose against all the major currencies. The AUD/USD closed 9 April at its highest level since January.

The Australian dollar was the strongest member of the G10 currency basket in March, boosted by strong market sentiment that sent global equities to record highs. The AUD trade-weighted index spiked to a two-month high on 21 March, following the release of the strong Aussie February employment report, before falling back.

The Australian dollar slipped against the US dollar in February, its second monthly decline in a row to open 2024.

The Australian dollar suffered its first monthly decline against the US dollar since October last year. The depreciation was driven by a rebound in the greenback following back-to-back monthly losses. The AUD was also weaker against the remainder of the G10 currency basket except for the Japanese yen.