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Travellers get early Christmas present with exchange rates at three-month high

December 3, 2018 Financial No Comments Email Email

Christmas has come early for Aussie travellers looking for extra spending power this summer, with the AUD performing at a three-month high against leading international currencies.

Foreign currency experts Travel Money Oz says the timing of this three month high is great for travellers heading to Japan, the USA, Europe or the United Kingdom this summer – with huge savings to be had.

Travel Money Group General Manager Kelly Spencer said it was rare but very positive to see the Aussie dollar so strong for these popular visitor destinations at the same time.

“Anybody exchanging currency now for these destinations is going to get more bang for their buck then they would have one to three months ago,’’ Ms Spencer said.

“It could be the equivalent of an extra night in a mid-range Tokyo hotel, a nice meal in New York, some movie tickets in Paris or a spin on the London Eye,’’ she said.

Take Japan for example where a customer buying $2000 worth of JPY will receive around 158, 726 JPY, nearly 8,000 JPY more than if they exchanged the same amount  around month ago, based on online rates.

US-bound travellers buying $2000 AUD worth of USD a month ago would have received around $1,381.80 and now they’d receive around $1,408.20 – an additional $27

The AUD is also experiencing a three-month high against the EURO. A customer buying $2000 AUD worth of EURO a month ago would have received 1201 EURO whereas now they’d receive around $1232.20

It’s good news in the UK as well where travellers would pocket 1100.80 GBP, an additional 26 GBP, on an exchange of $2000 AUD now compared with four weeks ago.

“The AUD’s resilience is a great story for Aussie travellers, however it may not last long,” Ms Spencer said.

“This weekend brings a meeting between US President Trump and Chinese President Xi Jinping. Markets are holding their breath awaiting the results of this meeting and what it could mean for the dollar,’’ she said.

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