The Australian Dollar Plummets – Overview for September 6, 2023

<div><img width="360" height="360" src="https://blog.roboforex.com/wp-content/uploads/2023/06/AUDUSD_6-360×360.jpg" class="attachment-thumbnail size-thumbnail wp-post-image" alt="AUD/USD analysis today" decoding="async" style="margin-bottom: 15px;" loading="lazy" /></div><p><a href="https://roboforex.com/beginners/info/charts/forex/audusd/" data-internallinksmanager029f6b8e52c="33" title="AUD/USD">AUD/USD</a> is in freefall due to prevailing global risk-off sentiment.</p>

<p>The Australian dollar, when paired with the US dollar, has plummeted even further. The current AUD/USD exchange rate is languishing at 0.6383.</p>

<p>These levels for the Aussie mark the lowest point since November 2022. Remarkably, the Australian dollar is weakening despite the release of relatively robust Q2 <a href="https://blog.roboforex.com/blog/2019/10/29/trading-news-how-to-make-money-on-gdp/" data-internallinksmanager029f6b8e52c="93" title="GDP">GDP</a> data for Australia.</p>

<p>The AUD is experiencing a downturn as it loses the earlier support it enjoyed from the Reserve Bank of Australia. This week, the RBA maintained the <a href="https://blog.roboforex.com/blog/2019/10/22/trading-news-how-to-earn-on-interest-rates/" data-internallinksmanager029f6b8e52c="90" title="Interest rate">interest rate</a> at a steady 4.1% per annum for the third consecutive time. The regulator mentioned that <a href="https://blog.roboforex.com/blog/2022/06/30/what-is-inflation-reasons-and-consequences/" data-internallinksmanager029f6b8e52c="220" title="Inflation">inflation</a> likely reached its peak, although it remains high. Simultaneously, according to the RBA's assessm ents, the economy is growing at a slower pace than anticipated, with the looming possibility of rising unemployment.</p>

<p>For the April to June period this year, Australia's GDP expanded by 0.4% quarter-on-quarter (2.1% year-on-year), slightly below the forecast of 0.4% quarter-on-quarter (2.4% year-on-year). This economic growth was primarily propelled by robust exports and active government investments.</p>

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