In the past two days, the Australian dollar exchange rate began to plunge again.
Let’s first look at the trend of the week:
In just 3 days, the Australian dollar plunged directly against the RMB from 1:4.64 to the lowest level.
Just now, I was stunned when I opened the exchange rate. This is: 
:4.523!
This is the rhythm of falling below 4.5~
And within one month, it dropped from the highest 1:4.78 to 1:4.523.
Let’s review the trends in the past three months together.
html In July, the Australian dollar exchange rate rose overall; in August, the Australian dollar began to fluctuate, and experienced multiple rises and falls.
Wait until September, the Australian dollar began to show a downward trend again.
, and in recent days, the exchange rate has hit new lows one after another.
htmlAustralia dollar rose sharply on October 3, but the next day after the RBA announced a rate hike in , it plunged again.
You can see that the exchange rate fluctuated significantly in the past 12 hours;
In the past 1 day, the exchange rate decline trend was obvious;
In the past week, the exchange rate rose first and then fell;
The trend of the past month has become more obvious, and the recent exchange rate can be said to have hit new lows one after another.
The Australian dollar gained support after another data release confirmed that Australia continued to maintain its trade surplus, but analysts said the global commodity price peak and the headwinds faced by the global economy suggest that the Australian dollar may perform poorly.
Australia's trade surplus narrowed in August as imports rebounded.
Imports grew 4.5% to A$2.077 billion driven by fuel and lubricant, and the seasonally adjusted surplus balance of goods and services decreased by A$643 million.
This overshadowed the impact of export growth driven by coal, coke and briquettes to A$1.434 billion (2.6%).
"Australia's trade surplus in August was lower than expected. But it was still a surplus, providing background support for the Australian dollar," said Sean Callow, senior currency strategist at Westpac .
Positive trade surplus provides a basic source of support for currencies, because it means a country has more foreign exchange income than its expenditures.
In recent months, Australia's trade surplus has surged as the value of Australian commodity exports soared and the economic slowdown caused by the COVID-19 pandemic has led to a decline in import demand.
But there are signs that commodity prices have peaked, and the continued recovery after the epidemic, coupled with the rising value of other important imported commodities, means that the trade surplus is declining.
The global economy, especially the health of China's economy, is still of great significance to the future of the Australian dollar; after all, it is China's demand that promotes Australia's supportive trade status.
One risk is that further deterioration in global economic growth will push down commodity prices, which will negatively affect Australia's international profit potential.
"We expect the Australian dollar to remain weak because of the poor global economic outlook and commodity prices appear to have peaked," said Kim Mundy, an economist at the Federal Bank of Australia.
Australia has been one of the better-performing currencies in 2022 as commodity prices soared in the first half of the year, but the Australian dollar price is on a downward trend as investors expect global demand to decline.
The Australian dollar has lagged completely behind in the past month.
The market expects another 50 basis points rate hike, and disappointment is reflected in the weakening of the Australian dollar.
Meanwhile, Australian stocks fell after the close of Friday.
Sydney closed, the S&P/ASX 200 index fell 0.80%.
In other aspects of commodity trading, crude oil for November delivery rose 0.24% to AUD 88.66 per barrel, while Brent crude oil contract rose 0.25% to AUD 94.66 per barrel.
