London — The Australian dollar could find long term relief from cyclical downturns if the country’s government decides to take climate change seriously, according to ABN Amro Bank.
“The character of the Australian dollar could change if the government makes climate policy and reaching the Paris Agreement more of a priority,” she said in a note to clients. “The Australian dollar will probably become less cyclical, less commodity-driven, and less dependent on the state of the Chinese economy and more driven by the state of the domestic economy.”
The Aussie is among the worst-performing G10 currencies this year, leading losses alongside fellow risk-sensitive currencies the New Zealand dollar and Norwegian krone, having dropped almost 5% in 2020. Yet, even if the Australian economy does become more environmentally sustainable, the transition would be a tough one in the short term for the Aussie.
Source: Energy Industry News (energyindustrynews.net)
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