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Top 5 places your Aussie dollar will go the furthest this spring

August 12, 2016 Financial No Comments Email Email

For travelers wondering where to holiday this spring, taking note of exchange rates is essential to get the most bang from your buck.

easyMarkets Chief Market Analyst Anthony Darvall has revealed the top 5 places your AUD will go the furthest.

  1. UK – The UK should be top of the list for Australian travelers this spring.

“Since the Brexit vote on June 23, the GBP/AUD has fallen from 1.95 to 1.69 – that’s 14% in the last 2 months,” says Mr Darvall.

“Australians need to take advantage of this exchange rate, particularly considering how expensive trips to the UK have been historically,” he says.

  1. US – For travelers considering a US holiday, the AUD has rallied this year against the US Dollar.

“The Australia Dollar has rallied this year against the US Dollar, and even the RBA cutting rates has failed to reverse the grind higher,” says Mr Darvall.

easyMarkets indicates that the AUD/USD has rallied from 0.6900 in January to 0.7700 currently, and there is expectations of 0.8000 by Christmas.

  1. Turkey – Since the failed coup attempt in July, the Turkish Lira has been under pressure as global investors withdraw to avoid the volatile political environment.

“If you’re thinking about going to turkey, your AUD will buy you 10% more if you travel now compared to January,” Mr Darvall says.

  1. Mexico – The Mexican peso has fallen sharply this year as oil prices have fallen and the nation’s central bank cut rates.

easyMarkets says the amount of pesos you could buy has increased from 12.5 in January to 14.2 currently.

  1. Azerbaijan – This small country on the Caspian Sea created waves in December last year when its currency, the Manat, lost 32% of its value after it moved to a floating exchange rate.

“AUD/AZN has rallied from 0.700 in December last year to 1.22 currently. This means your Aussie dollar will buy you 70% more now than last year,” Mr Darvall points out.

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