The Australian dollar has spiked 28% since a year-to-date low in March. As the country falls into recession, analysts remain mixed on where the currency could go next.
In March, the Aussie dollar fell to a year-to-date closing low of $0.5738
Defying the country's weak economic outlook, the currency continued strengthening in the past few months. It briefly broke through the 0.74 mark this week, and reached a two-year peak, according to Reuters estimates. It has since fallen back to the 0.73 level. He credited the currency's positive outlook to China's economic recovery — as the country was the first in the world to be hit by the coronavirus, and is emerging as one of the first to recover from the doldrums.
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