What factors are influencing the Australian dollar?

Domestic movements of the Australian Dollar (AUD) exchange rate

Today, May 12, 2024, the AUD exchange rate, as announced by the State Bank of Vietnam, remains at 15,255 - 16,861 VND/AUD for buying and selling respectively.

The State Bank of Vietnam has determined the cross exchange rate of VND/AUD applicable for calculating export and import taxes, effective from May 9, 2024 to May 15, 2024, to be 15,936.44 VND/AUD.

At Vietcombank this morning, the buying rate for the Australian dollar was 16,391 VND/AUD and the selling rate was 17,088 VND/AUD.

AUD exchange rate today, May 12, 2024, at Vietcombank. Screenshot taken at 9:30 AM.

Comparing the Australian Dollar (AUD) exchange rates among the 9 largest banks in Vietnam, today, May 12, 2024, the buying rate for AUD shows that 0 banks increased their buying price, 0 banks decreased their buying price, and 9 banks maintained the same buying price compared to yesterday.

Meanwhile, on the selling side, 0 banks increased their selling prices, 0 banks decreased their selling prices, and 9 banks maintained the same selling prices compared to yesterday.

Today, the Vietnam Industrial and Commercial Bank (Vietinbank) is buying Australian dollars (AUD) at the highest rate of 16,575.00 VND/AUD. The lowest selling rate for Australian dollars (AUD) is offered by Vietnam Prosperity Bank (VPBank) at 15,827.00 VND/AUD.

AUD exchange rates today, May 12, 2024, surveyed at several banks. Screenshot taken at 9:30 AM.

Australian Dollar exchange rate at the market price on May 12, 2024

According to a survey of the black market exchange rates this morning, May 12, 2024, the buying price of AUD in the black market was 16,780 VND/AUD; the selling price was 16,900 VND/AUD.

AUD exchange rate today, May 12, 2024, surveyed at the market. Screenshot taken at 9:30 AM.

Future trends for the Australian dollar

The Australian dollar (AUD) stalled but remained at a high level after the Reserve Bank of Australia (RBA) stated that further interest rate hikes were unnecessary. This disappointed some investors who had been expecting further rate increases.

Revised forecasts suggest inflation will remain high and the economy will recover from the slowdown in the first half of this year. The RBA predicts inflation will rise to 3.8% in June from 3.5% in March before falling back again, only returning to its 2-3% target by the end of 2025 and reaching the middle of that target range in 2026.

Better-than-expected inflation data and a strong economy support the RBA's room to maintain high interest rates for an extended period, positively impacting the Australian dollar against the currencies of other developed economies that are nearing the end of their tightening cycles.

External factors affecting the Australian Dollar: Internationally, factors influencing the Australian Dollar exchange rate include inflation in the US and the Federal Reserve's interest rate outlook, and the strength of the Chinese economy. These two opposing factors are creating intertwined and conflicting effects on the AUD.

Negative contributing factor: Inflation in the US is currently pegged above the central bank's target. Investors are waiting to see if US inflation will unexpectedly surge again.

The US dollar is regaining momentum as markets look ahead to next week's inflation report, which could alter the outlook for a Federal Reserve interest rate cut.

In recent months, the US has released higher-than-expected inflation figures, leading to the conclusion that inflation is anchored above the central bank's target. Consequently, policymakers have lost confidence in the process of cooling inflation, leading to uncertainty about when to cut interest rates. Recent jobs reports have fueled expectations that the Fed may begin cutting interest rates in September.

Next week, investors will be waiting to see if inflation unexpectedly rises again. A positive surprise could revive the view that the Fed may only cut interest rates once or not at all in 2024. Such an outcome would benefit the USD and cool down the AUD.

Positive contributing factor: The Australian dollar has long been known as a 'trust' currency of the Chinese economy, so when the Chinese economy strengthens, the Australian dollar also benefits, and vice versa.

Check out the most searched addresses for currency exchange and Australian dollar buying/selling in Hanoi :

1. Quoc Trinh Ha Trung Gold Shop - No. 27 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

2. Gold and Silver Handicrafts - No. 31 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

3. Minh Chien Gold and Silver Shop - 119 Cau Giay Street, Cau Giay District, Hanoi

4. Thinh Quang Gold and Silver Company - 43 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

5. Toan Thuy Store - 455 Nguyen Trai Street, Thanh Xuan District, Hanoi and 6 Nguyen Tuan Street, Thanh Xuan District, Hanoi

6. Bao Tin Minh Chau Gold, Silver and Gemstones - 19 Tran Nhan Tong Street, Bui Thi Xuan Ward, Hoan Kiem District, Hanoi

7. Chinh Quang Store - 30 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

8. Kim Linh 3 Store - 47 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

9. Huy Khoi Store - 19 Ha Trung Street, Hang Bong Ward, Hoan Kiem District, Hanoi

10. The system of transaction offices at banks such as: Sacombank, VietinBank, Vietcombank, SHB

Check out the most searched-for foreign currency exchange and Australian dollar buying/selling locations in Ho Chi Minh City:

1. Minh Thu Foreign Exchange - 22 Nguyen Thai Binh Street, District 1, Ho Chi Minh City

2. Ha Tam Gold Shop - No. 2 Nguyen An Ninh Street, Ben Thanh Ward, District 1, Ho Chi Minh City

3. Kim Mai Gold Shop - 84C Cong Quynh Street, Pham Ngu Lao Ward, District 1, Ho Chi Minh City

4. Saigon Jewelry Center - 40-42 Phan Boi Chau Street, District 1, Ho Chi Minh City

5. Kim Chau Gold Shop - 784 Dien Bien Phu Street, Ward 10, District 10, Ho Chi Minh City

6. Kim Tam Hai Store – 27 Truong Chinh Street, Tan Thoi Nhat Ward, District 12, Ho Chi Minh City

7. Mi Hong Gold, Silver and Gemstones - 306 Bui Huu Nghia Street, Ward 2, Binh Thanh District, Ho Chi Minh City

8. Kim Hung Foreign Exchange Agency – 209 Pham Van Hai Street, Binh Chanh District, Ho Chi Minh City

* This information is for reference only.

Source: https://congthuong.vn/ty-gia-aud-hom-nay-1252024-nhung-yeu-to-nao-dang-tac-dong-den-dong-do-uc-319588.html