Westpac raise their forecasts for AUD/USD

In summary (from Westpac economics);

• We have lifted our forecast profile for the AUD with a target of USD0.76 by end 2022 and USD0.80 by end 2023.
• Risk aversion and relative interest rates are likely to constrain the AUD over the next few months despite significantly higher commodity prices.
• As we move through 2022 and 2023 the AUD will benefit from high commodity prices and a more relaxed risk environment despite a lower interest rate profile relative to current market expectations.

On the RBA, WPAC stick to their August rate hike lift-off forecast.