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Skyrocket! Will the Australian Dollar Rebound?


Recently, while the Australian dollar remained in a small range of fluctuations, a rare straight surge suddenly occurred. It's known that the Australian dollar exchange rate has not experienced such a steep surge in a long time.


Source: Sina Finance


Faced with such an unexpected exchange rate trend, many friends are speculating about what has caused the Australian dollar exchange rate to regain its former glory? What are the effects of such a sudden boom?


Today, Panda makes a detailed analysis of the reasons and impacts behind the sudden rebound in the Australian dollar exchange rate for everyone!



Why did it suddenly skyrocket?


The Reserve Bank of Australia raised interest rates once again


Australia suspended raising interest rates only once last month, so many people believe that this month's rate hike will continue to be suspended. Unexpectedly, on May 2, the RBA announced again: continue to raise interest rates! The cash rate target is set to increase by 25 basis points from 3.6% to 3.85%. This is already the 11th interest rate hike in a year!


Just after the RBA's decision to raise interest rates, the Australian dollar exchange rate performed strongly, soaring all the way, reaching its highest point of 1:4.639 from its lowest point of 1:4.576 on the day.



Preliminary slowdown in the US economy


The US dollar index maintained a volatile trend, with the Federal Reserve raising interest rates to 5-5.25% in the Interest Rate Decision on May 4th, maintaining a trend of interest rate hikes, putting pressure on the US dollar and causing the Australian dollar to stabilize and rebound.


Moreover, the US Department of Labor released a report on the Employment Situation Summary (nonfarm payrolls report), showing that 253 thousand new jobs were created last month, far exceeding market expectations, demonstrating a strong and resilient labor market, which also pushed back market expectations for the Federal Reserve's interest rate cut.


Compared to the signs of a slowdown in the US economy, Australia's economy is more robust and there is more room for interest rates to rise.



Exchange rate rise but economy decline?


The soaring cost of living


At present, although the Australian dollar exchange rate has risen, the economic situation in Australia is not optimistic.


According to the Consumer Price Index released by the Australian Bureau of Statistics, the annual inflation rate has slowed from 7.8% in the fourth quarter of last year to 7% in the first quarter of this year, but still remains high, well above the RBA's inflation target.


The continuous interest rate hikes by the RBA will inevitably have an impact on the overall Australian economy, and it will be a heavy cost of living crisis for many people. This not only leads to higher prices, but also severely reduces actual income levels and interrupts cash flows.



Increased pressure on housing loans


Due to the Australian dollar surge caused by the sharp interest rate hike, many friends were caught off guard. The huge loan and financial pressures have already put pressure on lenders, and further interest rate hikes have further exacerbated the situation, breaking many families' original plans.


The outlook for the Australian real estate market is also fraught with grim possibilities. Many property practitioners are under enormous pressure because the rising cash rates hit the home loan market, and the value of newly approved housing loans has decreased for the ninth consecutive month.


The federal government's sweeping reforms


Based on the current situation, Australian Prime Minister Anthony Albanese and Treasurer of Australia Jim Chalmers have submitted their second budget proposal, which will actively and forcefully reform various policies, and bring about significant changes in welfare, various subsidies, and pensions.


Treasury Secretary Jim Chalmers said the budget for May will have three key priorities: easing the cost of living, developing the economy, and ensuring Australia's stronger resilience to international shocks.



Although the crazy interest rate hike by the Federal Reserve of Australia has brought some adverse effects, Panda believes that sunshine always comes after storms!


Moreover, the recent surge in the Australian dollar exchange rate is a good thing for most Chinese friends who work or study abroad, as it can be exchanged for more CNY. If there is a need for exchange or remittance to China, please do not miss the opportunity!



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