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While Australia's activity data has shown a slight decline, the Reserve Bank of Australia (RBA) is still focused on tightening monetary policies due to persistent inflation patterns. Additionally, we believe that China's reopening will positively impact the Australian dollar's performance. We anticipate that the Australian economy will avoid a recession this year, and the RBA will maintain interest rates at 3.85% for an extended period. As a result, we expect the Australian dollar to outperform the US dollar in 2023 and 2024.
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