If you’re moving to Australia you’re probably going to need to move money to the nation at some point or another, whether to buy a property, cover general living costs or transfer wages or a pension.
When it comes to moving money overseas it’s important to get a good exchange rate for your currency transfer. Even a slight discrepancy in the rate can make a big difference, particularly on larger transfers.
While the type of currency transfer provider you use can have a notable impact on the rates available to you, the timing of your transfer is also important. To make sure you’re sending funds overseas at the most opportune time simply keep track of the latest currency news.
What difference have we seen in exchange rates this week?
British Pound to Australian Dollar (GBP/AUD)
Opened the week at AU$1.61
Closed the week at AU$1.62
Difference of +1 cent per Pound – You’d get an extra AU$1 for every £100 you moved overseas.
US Dollar to Australian Dollar (USD/AUD)
Opened the week at AU$1.31
Closed the week at AU$1.33
Difference of +3 cents per US Dollar – You’d get AU$3 more for every $100 you moved overseas.
Euro to Australian Dollar (EUR/AUD)
Opened the week at AU$1.38
Closed the week at AU$1.40
Difference of +2 cents per Euro – You’d get AU$2 more for every €100 you moved overseas.
New Zealand Dollar to Australian Dollar (NZD/AUD)
Opened the week at AU$0.93
Closed the week at AU$0.91
Difference of -2 cents per Australian Dollar – You’d get AU$2 less for every NZ$100 you moved overseas.
What Will the Australian Dollar do Next Week?
If you’re going to need to move money abroad in the near future it pays to stay on top of the latest currency news. Here are the 3 main events likely to impact AUD next week and a brief forecast for what the currency might do next.
- US Federal Reserve Rate Hike – the US central bank is almost guaranteed to raise interest rates during its policy meeting on Thursday. This will boost demand for the US Dollar and will undermine appetite for currencies like the Australian Dollar, which are more risky for investors and therefore less appealing when the US Dollar is promising strong returns.
- Australian Unemployment Data – Australian unemployment rate and employment change figures for February will be released next Thursday.
- Iron Ore Prices – Recent Chinese data suggested the nation might have amassed huge stock piles of iron ore, meaning the price of Australia’s key export could fall.
Investors are likely to spend much of the coming days looking to the US, with the Australian Dollar losing out as markets focus on what the Federal Reserve may or may not do. Issues in China will also weigh on the ‘Aussie’, but Thursday’s labour market data could help prevent AUD from weakening too far in the face of higher interest rates if it shows rising employment or falling unemployment.
If you need to make a currency transfer and want to get the most for your money, check out all the benefits offered by WorkingIn Money Transfers.