The US Federal Reserve and commodity prices are taking the centre stage at present, according to analysts at Westpac.
"The Fed is widely expected to deliver a follow–up interest rate hike in June, a further step in the process of gradual policy normalisation. Commodity prices have slipped."
"The spot price for iron ore has declined from US$80/t at the end of March to US$60/t, with further downside in our view.”
“Together these developments, which are in line with our expectations, have seen the Australian dollar settle around US74¢ after trading in a relatively tight range of US75¢ to 77¢ over the opening months of this year."
"We continue to expect the currency to trend lower in 2018, heading to around US65¢ by years end."
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