#AUDUSD @ 0.67550 set for a race higher through the rest of 2023, but risk aversion periods will slow the advance – MUFG

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The Australian Dollar weakened modestly further in March. Economists at MUFG Bank see upside scope but tempered by bouts of risk aversion.

“With China re-opening likely to provide support for growth this year, we do not expect the RBA to cut rates this year.”

“AUD/USD should be set for a move higher through the rest of the year although periods to risk aversion will see AUD suffer more, which will slow the move higher.”

“AUD/USD: Q2 2023 0.6800 Q3 2023 0.7000 Q4 2023 0.7200 Q1 2024 0.7100.”

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