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The Aussie is up over 4% since mid-April and an earlier than anticipated dose of optimism has forced analysts at CIBC Capital Markets to revise the AUD/USD forecast higher this month. 

Key quotes

“The Aussie has benefitted from optimism, as the antipodean nations have been the first to re-open economies, after shutting down due to the COVID-19 crisis.”

“The RBA is expected to keep rates at emergency levels well past this year, while continuing to target the 3- year yield at 0.25%.”

“Q3 20: 0.65 | Q1 21: 0.66”