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$1.30
Closed the week at AU$1.30
The difference between exchanging US Dollars into Australian Dollars at the beginning of the week and at the end of the week would be just a few cents per $100.
Euro to Australian Dollar (EUR/AUD)
Opened the week at AU$1.38
Closed the week at AU$1.36
Difference of -2 cents per Euro – You’d get AU$2 less 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$0.93
The difference between exchanging New Zealand Dollars into Australian Dollars at the beginning of the week and at the end of the week would be just a few cents per NZ$100.
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.
- AiG Manufacturing Index – A measure of how national factory activity is faring, this figure previously posted near the sub-50 contraction range, so could weaken the Australian Dollar if it drops considerably.
- Q4 GDP Growth figures – GDP is a clear measure of national economic health; previously, quarterly GDP growth was negative so a return to a positive range will likely firm AUD demand.
- January Trade Balance – Covering the ratio between exports and imports into the country, this has been in surplus since November 2016 and will likely aid the AUD if it rises.
The latest Australian news has shown construction work fall by -0.2% in Q4, while Reserve Bank of Australia (RBA) Governor Philip Lowe has warned that high levels of household debt could cause major troubles in the future.
Next week’s busy week for Australian data is expected to bring high-impact Australian manufacturing, GDP and trade-related figures, while other Australian Dollar influencers may include a ‘phenomenal’ tax plan announcement from US President Donald Trump.
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.