2021 Australian Dollar Forecasts from the Big 4 Banks
Australian Dollar forecasts in 2021 from bank experts.
In 2021, the trend for the Australian dollar is rising, if you agree with the top 4 banks in Australia. ANZ, CBA, NAB and Westpac are all predicting the Australian dollar to average above 75 cents against the US dollar in 2021, about 5 cents higher than in 2020.
The reasons? A vaccine for the coronavirus is looking more and more likely, which will boost sentiment and growth globally. The Australian government will also extend it's stimulus spending in 2021, which will help support the economy and the AUD.
NAB and CBA predict the AUD/USD to be around 78 cents by the end of 2021. Westpac has the highest forecast with 80 cents, while ANZ has the lowest at 75 cents.
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Will the Australian Dollar go up in 2021?
There are a few reasons that could have an influence on the Aussie:
- Coronavirus is controlled successfully with the use of a vaccine and good contact tracing methods to mitigate further outbreaks
- The Australian economy bounces back quickly and government has control of coronavirus, supporting domestic travel and the AUD
- The US economy falters, US political risks rise, and they continue printing money to stimulate its economy, so the USD falls
- China’s economic growth improves, raising demand for our commodities (and our Aussie dollar)
- Economic growth recovers quickly in most countries worldwide, as government stimulus continues to support economies
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