The Australian dollar has jumped to its highest level since mid-January, and the Australian Securities Exchange may feel some of this optimism. Starting yesterday, the Australian dollar jumped to 68.96 cents, up 1.5% from the night before.
This is the result of mixed factors such as a weaker US dollar, higher iron ore prices (more than US$100 per ton), and optimism about the recovery of the Australian economy after the outbreak compared to other countries struggling with high infection rates. The Australian dollar also rose sharply against the pound (+1%), the euro (+1.1%), the yen (+2.5%) and the renminbi (+1.1%).
And this morning the Australian dollar to RMB exchange rate rose to 4.92 (yesterday’s exchange rate was 4.85)
The Commonwealth Bank expects the Australian dollar to rise to 71 cents by the end of the year.