The Australian dollar moved higher over Friday and Saturday, pushing to a 21-month high against the US dollar. Once again, the move higher was driven largely by a weaker US dollar.
So how does it work?
Well, if the US dollar weakens and the Australian dollar remains the same, then the AUD/USD exchange rate goes higher. The opposite is true too. If the US dollar gets stronger and the Australian dollar doesn't change, then the AUD/USD rate will fall.
In this case, the US dollar has been falling for 4 straight months. This is a big change from earlier in 2020 when the coronavirus first hit. Back then (all the way back in February and March), the US dollar gained strength as investors shifted their money into US dollars as a safe-haven to the market volatility.
AUD to USD exchange rates
| Time | Open | Low | High |
|---|---|---|---|
| Today | 0.7368 | ||
| In the last week | 0.7153 | 0.7373 | |
| In the last month | 0.7082 | 0.7373 |
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