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Currency carnage expected in wake of US Election

November 10, 2016 Financial No Comments Email Email

Australian travellers have been surprised by a sudden drop in the value of the AUD as markets react to the unexpected win by Donald Trump in the US Federal Election.

Dion Jensen, General Manager of Travel Money Oz said, “We’ve been warning our customers about currency volatility and the early reaction by global markets and immediate drop in the Aussie dollar has been swift.”

The Aussie dollar had hit a high of 77.72  in market rates at midday Wednesday before results began coming through. By Wednesday afternoon the immediate impact resulted in a drop in the AUD, not only against the US Dollar, but also against the British Pound and the Euro.

Mr Jensen confirms that as election results rolled in, customer enquiry in their 140 specialist foreign exchange stores increased steadily. “Sales volumes were markedly higher late in the day and our website traffic indicates a high level of customer concern and interest. We are expecting continued volatility in markets overnight as the US markets open, and further changes in exchange rates tomorrow.”

Travel Money Oz also reported a major increase in demand for Japanese Yen which is often a safe haven for currency in times of volatility.

A change in exchange rates can have a real impact on overseas spending money, which Travel Money Oz, Australia’s largest  specialist foreign currency retailer advises is often a last minute purchase consideration by travellers.

Travel Money Oz advises Australians travelling soon to monitor market changes, review their currency needs and individual situations and decide whether they should lock in their exchange rate now. “We’d like to reassure customers that at the moment supplies of US Dollars in our stores are good, but to keep in mind the high levels of demand,” Mr Jensen said.

As the Brexit decision unfolded in June the Pound slumped against the Australian Dollar with travellers rushing to the Travel Money Oz website en masse and customers queuing in-store.

Travel Money Oz advises customers that their rates are guaranteed for advance orders in-store or online. A prepaid travel money card can have exchange rates locked in on up to 10 different currencies.

“We’re also reminding customers that they can use a Key to the World Currency Card and lock in your rate online and load it with US dollars to use later,” Mr Jensen said.

“We also don’t charge fees or commissions on foreign cash transactions in store and online.

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