eFXdata reports that CIBC Research discusses AUD/USD outlook and targets the pair at 0.62 in Q2.

"AUD/USD has appreciated over 14% from lows seen in mid-March. In response to COVID, the RBA cut rates to 0.25%, and introduced YCC in order to keep the cost of borrowing low. We do not foresee any further cuts from the Bank, which will limit downside moves in the currency. For now, expect risk sentiment to be the major driver of price action," CIBC notes.

"We expect AUD/USD prices to stabilize as the market awaits coronavirus updates on a go-forward basis," CIBC adds.