Business
Market economists tip Australian currency to hit US80¢ – The Australian Financial Review
The Fed’s inflation pivot late last week pulled the rug out from under the US dollar at a time of robust demand for Australian iron ore, clearing the way for the Australian dollar to hit US80¢.
Currency markets expect more weakness in the US dollar after the Federal Reserve announced a 2 per cent average inflation target and fresh parameters for employment late last week.
The Fed’s switch to average inflation targeting “essentially means that there’s going to be a make-up strategy” on inflation, said Kim Mundy, foreign exchange strategist at Commonwealth Bank.
“Previously when inflation might have started looking like it was heading back to target, the FOMC would have started to norm…
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