It is time for The Currency Shop's weekly update on the Australian dollar.
Here are the exchange rates between the Australian dollar and other major
currencies. The Aussie hit its highest point this year against the Pound last
week. These are the average rates you might be offered for transferring money
overseas or exchanging currency for a trip, through your bank. We get a better
idea of whether these rates are good or bad when we look at the percentage
difference between the actual rate and what you're offered.
Let's compare the Aussie against the US dollar to see how it's performed in the last week.
We nearly saw the Aussie dollar hit 76 US cents last week, which is the highest
it's been for a while. It's still been volatile against the US dollar, though.
Dropping to 74.82 US cents on Wednesday.
Despite this volatility the Aussie dollar is still recovering from
its 11 months low in May, and it's still higher than it was 18 months ago.
Let's find out if the forecasts for the
Australian dollar have changed in the last seven days.
Westpac revised their forecast slightly for the Australian dollar. They increased
their forecasts for both the New Zealand dollar and the Euro. Generally though, the
banks see the Aussie dollar either staying the same or going down against
most major currencies by the end of 2018.
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Our website thecurrency.com.au is a comparison site
for exchange rates. So if you need to make an international money transfer or
exchange currency you can compare rates from multiple providers there.
Have a great week!