Invesco CurrencyShares Australian Dollar Trust
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
FXA$67.95-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-08.
0000950170-25-067222
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0000950170-25-105204
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 25 previous paragraphs and 34 current paragraphs.
20 unchanged; 4 reworded; 10 added; 1 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 1 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (10)
Current report
The Australian dollar (AUD/USD) edged higher in the second quarter of 2025, supported mostly by U.S. dollar weakness, though weak commodity prices capped those gains given Australia is a significant exporter. Domestically, the Reserve Bank of Australia (RBA) cut its cash rate by 25 basis points in May to 3.85%, citing easing inflationary pressures. However, the RBA maintained a cautious, data-dependent outlook amid persistent global uncertainties. While the rate cut provided some support to domestic growth expectations, the AUD’s gains were tempered by investor caution and mixed signals from global economic data. The slight bounce in energy prices on the back of Middle East tensions in June also failed to provide sustained support.
Current report
The Australian Dollar (AUD/USD) experienced positive performance in the second quarter of 2024, even despite gains in the
Current report
U.S. Dollar. Strong Australian retail sales data in May further fueled inflation fears, raising bets for a potential rate hike; Australian
Current report
inflation had come in above forecasts three months in a row. In comparison, several global central banks had already started their
Current report
easing cycles, leaving further rate hikes out of the picture. Higher interest rates tend to boost the country’s currency. The U.S. dollar
Current report
continued to gain with Fed rate cut expectations further delayed.
Current report
The Australian dollar (AUD/USD) was higher in the first half of 2025, mostly supported by U.S. dollar weakness, but weak commodity performance was a headwind. Global tariff uncertainty and a slowdown in Chinese demand weighed on Australia’s export driven economy in the first quarter. While sentiment improved a bit in the second quarter as energy prices bounced on escalating tensions in the Middle East and trade war fears eased a bit with the U.S.-China trade truce, broader risk appetite remained fragile, limiting the AUD’s advance despite a softer dollar. The Reserve Bank of Australia’s decision to cut rates in May, while signaling a cautious and data-dependent stance, added a boost to sentiment, but investor caution persisted.
Current report
The Australian Dollar (AUD/USD) ended the first half of 2024 lower than the previous quarter. In the first quarter, U.S. Dollar
Current report
moves drove the bulk of the price action, though escalated geopolitical tensions also pressured investors’ risk appetite – the AUD is
Current report
U.S. inflation pushed out expectations for U.S. rate cuts. Specific to the AUD, the sluggish recovery in China also served as a headwind given the country is Australia’s largest export partner. However, the pair did rebound significantly in the second quarter as strong Australian retail sales raised bets that the Reserve Bank of Australia (RBA) could hike rates. In contrast, many global central banks had already kicked off their easing cycles.
Removed paragraphs (1)
Previous report
The Australian Dollar (AUD/USD) ended the first quarter of 2025 close to flat despite significant US dollar (USD) weakness. This was partially due to global tariff uncertainty reducing risk appetite, as the AUD is generally seen as a riskier currency, but also the intensifying trade war between US and China. China is Australia’s largest export partner, so any headwinds to the Chinese economy, will likely also have negative cascading effects. The downturn in commodities also exerted downward pressure since Australia has an export-oriented economy.
Reworded paragraphs (4)
Previous wording
The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of March 31, 2025 was an annual nominal rate of 1.72%. The following chart provides the daily rate paid by the Depository since March 31, 2020:
Current wording
The Trust does not have any material cash requirements as of the end of the latest fiscal period. The Sponsor is not aware of any known trends, demands, commitments, events or uncertainties that will result in, or are reasonably likely to result in, material changes to the Trust’s liquidity and capital resources needs. The Trust’s Depository, JPMorgan Chase Bank, N.A., London Branch, maintains two deposit accounts for the Trust, a primary deposit account that may earn interest and a secondary deposit account that does not earn interest. Interest on the primary deposit account, if any, accrues daily and is paid monthly. The interest rate in effect as of June 30, 2025 was an annual nominal rate of 1.52%. The following chart provides the daily rate paid by the Depository since June 30, 2020:
Previous wording
During the three months ended March 31, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting US recession concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, US recession concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three months ended March 31, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
Current wording
During the three and six months ended June 30, 2025 and 2024, the Trust's net comprehensive income (loss) was, in part, impacted by market volatility resulting from global tariff gyrations and mounting U.S. economic concerns for 2025, and expectations around the Federal Reserve (the “Fed”) easing and heightened geopolitical concerns for 2024, which are considered to be unusual or infrequent events. Although the full and direct impact of global tariffs, U.S. economic concerns, Fed easing expectations and rising geopolitical tensions, on the Trust's net comprehensive income (loss) during the three and six months ended June 30, 2025 and 2024, cannot be known, it is believed that they have each independently impacted the Closing Spot Rate, the interest rate paid by the Depository, and the global economy and markets generally, including the number of Shares created and redeemed by the Trust.
Previous wording
The Australian Dollar (AUD/USD) ended the first quarter of 2024 lower with price action largely driven by moves in the USD, and by risk-off moves due to escalated geopolitical tensions – the Australian Dollar is generally considered a riskier currency while the USD is traditionally seen as a safe haven. The Federal Reserve's higher-for-longer rhetoric and stickier-than-expected US inflation pushed out expectations for US rate cuts and higher rates generally provide support for the country’s currency. US economic resilience also boosted demand for the USD. Specific to the Australian Dollar, the sluggish recovery in China served as a headwind given the country is Australia’s largest export partner.
Current wording
generally considered a riskier currency compared to the haven USD. The Fed’s higher-for-longer rhetoric and stickier-than-expected
Previous wording
Additionally, the interest rate paid by the Depository has generally trended downward over the past year with the current interest rate of 1.72%, as set forth in the FXA Rate Chart above. As long as the interest income, if any, exceed the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.
Current wording
Additionally, the interest rate paid by the Depository has generally trended downward over the past year with the current interest rate of 1.52%, as set forth in the FXA Rate Chart above. As long as the interest income, if any, exceed the Sponsor's fee and the interest expense on currency deposits, the Trust will incur a net comprehensive income.