After reaching a 6 week high earlier this month, we saw the dollar hit its lowest point in June at the end of last week. In this article we give you an Australian Dollar Update. We have a look at where it is at the moment, and why it dropped. You'll find out 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 18th 2018
The information depicted in this video was correct on June 16th, 2018 at 8am AEST.
Australian Dollar Exchange Rate
These are the exchange rates between the Australian Dollar and other major currencies. They were correct at 8am AEST 16.06.18.
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 we saw the Australian dollar hit its lowest point this month, falling below 75US cents. This was partly due to an increase in official interest rates in the US, and the indication that this could happen at least one more time before the end of 2018.
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, especially after its drop last week.
Australian Dollar Forecasts
The banks didn't change their forecasts again, they haven't been adjusted for a while now. 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?
Having a lower Australian dollar is good when you're buying Australian currency. This means, if you've just been on a holiday and you've got excess currency you need to change back, if you're visiting Australia or if you're sending money into the country.
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