Economists at Rabobank believe that the AUD/USD pair is unlikely to rise sustainably until the next year.

Further range trading around current levels in the months ahead

“The fall in iron ore prices from their March high and concerns over the pace of growth in China could weigh on the AUD in the months ahead. That said, the easing in trade tensions with China, Australia’s good budget and current account positions combined with a still hawkish RBA should provide support.” 

“We expect further range trading around current levels in the months ahead.”

“We see the potential for a move back above AUD/USD 0.70 in 2024 as growth regains traction.”