FXStreet notes that the AUD/USD pair sits above 0.69, trading comfortably above its average for the past 12 months, but economists at Rabobank see the risk appetite tumbling by the end of the year which would weaken the aussie towards the 0.64 level. 

“In our view investors are currently over-estimating the ability of the global economy to bounce back from the pandemic. We see risk of a drop in sentiment by the end of the year which is likely to drag AUD/USD lower.”

“Any news that China could be targeting Australian exports in retaliation for the government’s political stance would also leave the AUD vulnerable. We forecast AUD/USD at 0.64 on a six-month view.”