Commodity Currencies to Wilt Under US Dollar PressureĪfter a 1.0% gain to 0.77 to for June, the Australian US Dollar (AUD/USD) exchange rate is forecast to weaken gradually with no net change for the third quarter at 0.76 and a 1.6% decline to 0.75 at the end of 2021.ĪUDUSD is forecast at 0.73 for June and December 2022, a retreat of 4.3% from current levels. The pair is forecast at 0.94 for the second quarter of 2022 and 0.95 at the end of the year, a gain of 9.8% from the current spot rate.
The Euro Pound Sterling (EUR/GBP) exchange rate is forecast to make net gains throughout the forecast period.ĮURGBP is projected at 0.88 In June 2021 with further net gains to 0.89 for September and 0.91 for December, gains of 4.0%, 6.0% and 9.1% respectively. Losses are seen slowing in 2022, but with no sustained respite with a low point of 1.1900 in June, 13.4% below the current level, and a rate of 1.2000 for December 2022, 12.7% below the current rate. The Pound US Dollar (GBP/USD) exchange rate is forecast to decline 4.0% to 1.32 for June 2021 with further net losses to 1.29 for September and 1.25 for December, declines of 6.2% and 9.1% respectively from current levels.
The forecast is at 0.98 for June and December 2022, an advance of 6.0% from the current spot rate. The USD/CHF exchange rate is projected at 0.95 throughout 2021, a gain of 2.7% from current levels. The Euro US Dollar (EUR/USD) exchange rate is forecast to decline 2.5% to 1.1600 in September and weaken further to 1.1400 for December, a loss of 4.2% from current levels.ĮURUSD is forecast to hit a low of 1.1200 in June 2022, a slide of 5.9% from the current spot rate before a slight recovery to 1.1400 by the end of 2022, still a 4.2% decline from current levels.Ībove: The EUR to USD exchange rate chart The pair is projected to recover to 104 in June 2022 and 108 in December 2022, although this still represents declines of 4.9% and 1.3% respectively from current spot levels. USDJPY is forecast to decline 2.2% to 107.00 at the end of the second quarter of this year with a slide to 100 at the end of the year, a retreat of 8.6% from the current spot rate. The US Dollar Yen (USD/JPY) exchange rate forecasts have been revised sharply higher, although RBC still projects net losses. The primary argument is still that the US economy will out-perform other major currencies and underpin the US currency.Ībove: Table of 2021-2022 exchange rate forecasts from RBC as of.
Foreign exchange analysts at RBC Capital Markets have maintained a bullish stance on the dollar over the past few months and continues to expect further net US currency gains over the next few months.
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