Australian dollar: Analysts continue to raise forecasts for the currency

Australian dollar reduced the second day in a row: the currency has already lost 1% of the 29 per cent growth with a minimum of five, achieved in October last year at 0.6009. Now the Australian exchange rate fell by 3 cents, half the January closing the gap. Nevertheless, analysts raise forecasts for the Australian dollar faster than any other major currencies against the backdrop of optimism about the recovery of world economy. The average forecast for the end of the year for the Australian currency in the monthly survey conducted by agency Bloomberg, has increased this year by 14% - this is the most significant increase in the forecast against the U.S. dollar among the 16 most popular currencies. Strategists of BNP Paribas, Wells Fargo & Co. and another 21 companies have raised their forecasts in May against the backdrop of rumors that Chinese demand for Australian exports, ranging from iron to the wool once again begin to grow. "Bears admitted himself defeated. So, the course of Australian currency undervalued and will continue to grow", - analysts believe.