With our dollar having been low for a while now, it begs the question: when will the Australian Dollar go back up?
In our weekly update this week we discuss ago the dollar change rapidly last week, how it performed over the weekend and have another look a the forecasts for where it could go next.
What will this article cover?
- Exchange Rate video for July 23rd
- Major currency exchange rates
- AUD in the last week
- AUD in the last year
- Currency forecasts
- What it all 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 21.07.18.
These are the exchange rates between the Australian Dollar and other major currencies. They were correct at 11am AEST 21.07.18.
Column 1 gives you the interbank or midmarket exchange rates from over the weekend. 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
Last week the Aussie only just managed to get above 74US cents. Interestingly, it was quite stable for the first part of the week and then dropped from it's high to it's low within 12 hours on Thursday. This graph shows how it trended over the whole of last week.
Australian Dollar in the Last Year
In January we saw the Australian dollar hit a high against the US dollar. It's currently about 7 cents lower than it was then. The Aussie Dollar is still currently trending significantly lower than it has been in 2018.This graph shows exactly how it has trended over the last 12 months.
These are the forecasts from some of Australia's major banks. They haven't changed since last week and it still seems that the banks are optimistic that the dollar won't drop any further and either hold strong or increase slightly against the US dollar. It might drop slightly against some other currencies, but not by much.
Can a lower AUD be a good thing?
Yes. Generally good news for our exporters, with overseas customers having more incentive to buy. All in all it means it 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.