(Guest post courtesy of Peter Lavelle of Pure FX, 11 June 2013)
Do you dream of visiting Australia, and hitching a ride with the kangaroos?
Then, by gum, you’ll need to know what’s in store for the Australian dollar exchange rate. Find out here!
Stop the press!
Right now, the UK pound, euro and US dollar are all at multi-year highs against the Australian dollar.
At the time of writing, sterling is at 1.6669 against the Aussie, its best exchange rate since September 20th 2010.
Meanwhile, the greenback is at 1.0704, its highest point since September 15th 2010, while the euro is at 1.4201, its highest since March 21st 2011.
What this means is that, if you plan to see Australia, you can expect a larger bundle of Australian dollars than at any point in almost 3 years!
Moreover, the exchange rate looks set to get even better in the next 6 months.
This is because, alas, Australia’s economy has come down with a bad case of the ‘no growths’, with little sign of a cure.
For instance, Goldman Sachs released a report this week saying that Australia is now headed for its 1st recession since 1992!
Given that, we can expect the pound, euro and US dollar to hit even greater heights against Australia’s dollar before 2013 is out.
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We’ll tell you when the best exchange rate becomes available.