The AUD depreciated relative to the US$ in the 2nd and 3rd quarters of 2022, despite positive net exports. Identify and briefly explain 2 factors that may have caused this depreciation.

Australia: Economic data 2021-22 Indicator December 4th Quarter 2021 March 1st Quarter 2022 June 2nd Quarter September 2022 2022 3rd Quarter December 4th Quarter 2022 (qoq, % change) RGDP- Annual growth rate Exports of g&s (A$ billion) 3.7 0.6 0.9 0.7 0.5 134.6 151.7 172.8 171.0 175.5 Imports of g&s (A$ billion) 107.8 122.7 129.9 141.6 136.4 Net Exports of g&s 26.8 29.0 42.9 29.4 39.1 Unemployment rate (%) 4.2 3.9 3.6 3.6 3.5 Inflation rate - GDP deflator - Annual % 9.4 7.0 8.4 6.9 9.1 change Consumer Price Inflation - Annual % 3.5 5.9 6.1 7.3 7.8 change Exchange rate (USD per AUD) 0.72 0.75 0.68 0.64 0.68