Last week we saw the Australian Dollar hit a 6-week high. The Australian Dollar got higher than 76US cents for the first time since April. The Australian Dollar Exchange rate has been volatile lately, but now we are starting to see it recover. We will look at how the Australian dollar is performing against most major currencies and the US dollar specifically. We'll also see whether the banks think the Australian dollar will go up. This article will cover:
- Exchange rates
- Average bank rates and margins
- Aussie dollar trends
- Australian Dollar forecasts
- What it means for you
Video: Market Update for June 4th 2018
The information depicted in this video was correct on June 11th, 2018 at 9am AEST.
Australian Dollar Exchange Rate
These are the exchange rates between the Australian Dollar and other major currencies. They were correct at 9am AEST 11.06.18.
Column 1 gives you the interbank or midmarket exchange rates at the moment. We have included the Aussie Dollar against; USD, EUR, GBP, JPY, NZD and IDR.
Column 2 looks at the average bank rates being offered for currency exchange or international money transfers. We have calculated these from the Big Four Banks in Australia; Westpac, NAB, ANZ and Commonwealth Bank.
Column 3 gives you the margin between the actual rate and what the banks are offering you. This margin is what gives you an idea of whether the rate you're being offered is “good” or “bad”. Usually, a better rate and lower fees can be found when it comes to currency. Using a comparison table let's you find the best rate for both situations.
Australian Dollar Trends
Last week the Australian dollar hit a 6-week high, getting to its highest point since April early in the week. While it still dropped somewhat, it recovered toward the end of the week again.
Over the last 12 months the Australian dollar has recovered somewhat from it's low at the end of 2016. It peaked in September 2017 and got above 80US cents in January 2018. The Australian dollar is still a long way from this at this point in the year.
Australian Dollar Forecasts
Despite the Aussie having a strong week last week, the banks did not improve their 2018 forecasts. By the middle of the year, most major banks are forecasting the Aussie to stay about the same against most major currencies, or to go up slightly. NAB forecast the Aussie to go down somewhat against the Japanese Yen (JPY). Click here to read more about forecasts for the Australian Dollar.
What does it all mean?
While the Australian dollar has been volatile this year, we are currently seeing it recover somewhat. Having a stronger Australian Dollar is good news when you're exchanging currency to head overseas, or if you need to send money overseas. It means the Australian dollar goes further.
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