The Australian Dollar recovered last week, nearly hitting 76 cents before dropping again. In your weekly update on the Australian Dollar exchange rate. We'll discuss how it is performing against other major currencies, and we'll look at how it is trending against the US Dollar. The AUD/USD exchange rate is often the most informative in terms of how the Aussie dollar is performing.
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 2nd, 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 02.06.18.
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 gives you 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
Recovering somewhat in the last seven days, it dropped again in the middle of the week. The US dollar strengthened last week due to changes in their employment numbers.
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
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?
It's hard to say at the moment whether the Australian dollar is “high” or “low” because it has been quite volatile. However, generally it is lower than it was earlier this year. Having a lower dollar is good when you're buying Australian dollars or transferring money into the country. It essentially means you'll get more Australian dollars!
For weekly information and videos about the Australian dollar you can subscribe to our YouTube channel. We also review money transfer companies and make tutorials on exactly how to send money overseas.