Best Time to Transfer Money to Australia
in 6 Weeks, as Aussie Tumbles
>Exchange Rates April, Week 3
The Aussie dollar is down against three major currencies so this may the best time to transfer money to Australia. Fill in the form at the bottom of this page to get more details or to ask for a quote.
Peter Lavelle, 18.04.2013
The Aussie tumbles!
It's the best time to transfer money to Australia in several weeks at present. This is because:
- The pound is at a 6-week high against the Australian dollar, its strongest since March 5th, at 1.4849.
To put this into context, sterling was at just 1.4381 against the Aussie on the 12th of March. Hence, it's since climbed +3.25%.
A £250,000 transfer would hence be worth AU $11,700 more this week than on March 12th.
- The US dollar has reached a 5-week high against the Aussie, its highest since the 14th of March, at 0.9731.
To put this another way, the greenback was as low as 0.945 against the Australian dollar on March 14th. Therefore, it's now up by +2.97%.
A US $250,000 transfer would hence be worth AU $7,025 more this week than March 14th.
- The euro is at a 3-week high against Australia's currency, its highest point since March 11th, at 1.274.
By contrast, the common currency fell to just 1.2283 on the 27th of March. Hence, it's now higher by +3.72%.
A €250,000 transfer would hence be worth AU $11,425 more this week than March 27th.
The Australian Dollar Looks Set to Continue Falling
Moreover, I think the Aussie dollar will continue to lose out, looking ahead. Here's why:
- China, Australia's biggest trade partner, expanded -0.3% less than forecast in Q1, at just 7.7%.
This could bring the Aussie dollar down, as China's slowdown affects Australia.
- Unemployment in Australia rose +0.2% last month, to 5.6%.
This may weaken the Aussie, as it suggests Australia is having trouble adjusting to the end of the mining boom.
- The RBA may soon cut interest rates beneath 3.0%, to try and stimulate the economy.
This could see the Aussie fall, because lower interest rates make the currency less profitable to hold.
Therefore, look for the Australian dollar exchange rate to continue rising!
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to the exchange rate, fill out the form below.
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