Planning a move to Australia? At some point you’re going to need to move money to the nation. Whether you need to cover general living costs, buy a foreign property or transfer your savings, having an awareness of the currency market and how exchange rates are moving can have a massive difference on how much money you receive.
So, let’s find out what happened in the currency market this week and how the latest exchange rate movements could impact your currency transfers to Australia!
What difference have we seen in exchange rates this week?
British Pound to Australian Dollar (GBP/AUD)
Opened the week at AU$1.62
Closed the week at AU$1.61
Difference of -1 cent per Pound – You’d get AU$1 less 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$1.31
Difference of +1 cent per US Dollar – You’d get AU$1 more for every $100 you moved overseas.
Euro to Australian Dollar (EUR/AUD)
Opened the week at AU$1.37
Closed the week at AU$1.38
Difference of +1 cent per Euro – You’d get AU$1 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$0.93
The difference exchanging New Zealand Dollars into Australian Dollars at the beginning of the week and doing so at the end of the week is 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.
- Reserve Bank of Australia Policy Meeting – The RBA will hold its next policy decision on the 7th of March. While no change to policy is expected, AUD will increase in value if the RBA is optimistic despite recent disappointing trade surplus news.
- NAB Business Confidence – The National Australia Bank (NAB) will publish its next business confidence report next Wednesday which could strengthen the Australian Dollar if it sees a solid improvement.
- US Non-Farm Payrolls – US job data from February will be published next Friday. If these stats impress, Federal Reserve rate hike bets will increase and the Australian Dollar is likely to become less appealing as a consequence.
There won’t be much in the way of influential Australian data next week, but Australian Dollar traders will be focused on the week’s Reserve Bank of Australia (RBA) meeting regardless. If the RBA becomes cautious due to recent trade surplus figures, this could cause AUD to shed value and become cheaper throughout the week.
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.