After the rollercoaster the Australian dollar rate has been on, last week it stabilised for the first time in a while. It's still lower than earlier this year, but it's been more consistent in the last week. In this article we discuss exchange rates, currency forecasts and how the dollar has been trending. You can watch our video to find out everything you need to know about the Australian Dollar.
What will this article cover?
- Exchange Rate video
- Major currency exchange rates
- AUD in the last week
- AUD in the last year
- Currency forecasts
- What it means
VIDEO: Australian Dollar
This video covers everything you need to know about the Australian dollar right now.
The rates in the video were correct at 5pm AEST 09.07.18.
These are the exchange rates between the Australian Dollar and other major currencies. They were correct at 11am AEST 09.07.18.
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 Rate in the Last Week
It was the most stable week we had seen in a while for the Australian Dollar. The Fourth of July holiday mean we had less impact from the US dollar but the Chinese Yuan has been a heavy influence on the Australian dollar lately.
Australian Dollar in the Last Year
The dollar is still trending lower than is has been over the last year. It's now about 8 cents lower than it was in January of this year. This graph shows exactly how it has trended over the last 12 months.
These are the forecasts from some of Australia's major banks. In general it looks like the dollar is expected to either stay the same or go up slightly by the end of the year. NAB however, expect it to go down against the Pound and the Japanese Yen.
Can a lower AUD be a good thing?
Yes. It means it is goods are cheaper for foreign customers, which makes it cheaper for our exporters. This can be good for the economy.
What does it mean for me?
From a consumers point of view, a lower dollar is good when you're transferring money into Australia or converting currency into AUD. So if you need to send money to Australia, it could be a good time to do it or if you have currency left over from an overseas holiday, it might be time to convert it back into Aussie Dollars.
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