A sharp drop for the Australian dollar last week. Let's find out why and what
could happen next in your weekly update on the Australian dollar.
Here are the
exchange rates between the Australian dollar and other major currencies. If
there is another currency you need you can head to our live rates page which is
linked below. The rates on the left are the actual rates, so let's have a look at
what you could get offered at a bank for an international money transfer or
currency exchange.
The percentage difference in the third column lets us
see how much of a margin the banks are putting on the rate. It's this and the
fees you're charged that you need to be careful of when it comes to currency.
While holding strong against the US dollar for the most part, the end of last
week didn't prove as good for the Australian dollar.
It fell sharply at the
end of the week getting below 75 US cents again and the lowest point this
month. This is because official interest rates went up in the US and there was
indication this would happen again by the end of the year.
While we should be conscious of the drop in the Australian dollar, we should also
keep in mind that it's still higher than it was 18 months ago against the US
dollar. When we look at the graph for the Australian dollar in the last 12 months
we can see that it is low at the moment. But we shouldn't be too pessimistic just
yet.
After the drop we saw last week let's see if the banks have changed
they're 2018 currency forecasts.
The forecasts remain unchanged again this
week. Generally it seems that the banks see the dollar dropping further against most
major currencies. If this is the case it could be good news for you if you're
converting currency to Australian dollars or if you're transferring money
into the country.
For regular updates about the Australian dollar you can
watch our weekly videos and subscribe to our channel if you don't want to miss
any. If you do make international money transfers our channel is dedicated to
reviewing companies, showing you how to use them and making sure you don't get
ripped off.
at thecurrencyshop.com.au we compare exchange rates for
international money transfers and currency exchange. So if you're heading
overseas soon or if you need to send money overseas you can head there to
compare rates.