Australian dollar tipped to hit 80 US cents on back of coronavirus recovery and China’s demand for steel

The Australian dollar is expected to keep rising as long as China’s hunger for steel remains insatiable and the US struggles to control its COVID-19 outbreak.

That is essentially why the local currency has risen to a 2.5-year high (about 76 US cents) — despite a “once-in-a-century” pandemic — according to currency experts from the nation’s major banks.

Although there are big differences in their forecasts, the common thread is their expectation of a much stronger Australian dollar.

Generally, it is great…