This could be a good time to stock up on the Euro and Kiwi ahead of your 2011 trips, with the Australian dollar surging against both currencies.
The exchange rate against the Euro nows stands at an all-time high with A$1 for €0.74 (or 74 ‘euro cents’) as European concerns continue over the massive $113 billion bailout for Ireland. That’s well up on the ten-year average of €0.59.
Of course, €0.74 isn’t the ‘street price’ you’ll get through a currency exchange agency. Travelex.com.au, which we’ve found to give some of Australia’s best deals for swapping Aussie currency, currently lists A$1 against €0.71.
But as we’ve previously noted, paying online with BPAY means you can escape the commission fees which is where most other currency exchange agencies take a bite from your budget.
The Aussie dollar is also at a record high against the New Zealand dollar, with one Aussie buying NZ$1.32 today – the highest in a decade, which bodes well if you’re planning a trans-Tasman hop anytime soon.
As for the not-quite-so-mighty US dollar, an overnight nudge has brought us back to near-parity at 0.998 – which is close enough to 99c in anyone’s language, and the highest since we tipped parity one month ago. Some pundits predicting a further bump after the US Federal Reserve meets tomorrow.
About David Flynn
David Flynn is the editor of Australian Business Traveller and a bit of a travel tragic with a weakness for good coffee, shopping and lychee martinis.