Currency rates (added every week or two).

[kovert]

Aussie dollar hits above USD 0.87

USD $0.78?

[DaptoDog]

USD $0.78?

Yep.

I remember last year someone quoted an newspaper article saying the AUD was going to 50c. And I said these are just sensationalist stories to get attention. I bet pretty soon there will be a story saying the AUD is going to 90c or $1.

[Borgeman]

Yep.

I remember last year someone quoted an newspaper article saying the AUD was going to 50c. And I said these are just sensationalist stories to get attention. I bet pretty soon there will be a story saying the AUD is going to 90c or $1.

But unlike the 50c stories I'll be cheering on the dollar all the way to 90c plus!

[Megatran]

The aussie dollar is dropping faster against the USD & JP Yen than a poor guy getting kicked in the u know where.

[griffin]

The aussie dollar is dropping faster against the USD & JP Yen than a poor guy getting kicked in the u know where.

It was expected that we would have a drop after the interest rate cut last week, as it makes it less inviting to invest in our currency if there are other currencies that now have higher returns.
But the double-whammy was the budget on the same day, driving speculation that there will be more rate cuts as our economy continues to be sluggish amid the unreliable nature of when we will ever return to surplus (which makes foreign investors less confident in investing here or any country that can't foresee the end to their deficits, as it could mean future austerity measures that will negatively impact on businesses and investments).

The annoying thing (for us importers) though, is that the Reserve Bank has been saying for a long time that they would like to see the Aussie Dollar go below 70 US cents so that the benefits our exporters, and make our domestic business more competitive to foreign products.

We were at 78 US cents four weeks ago, and now we are at 72... but I think we can expect it to go further if the Reserve Bank (and Federal deficits) have anything to do with it.

[GoktimusPrime]

AUD slumps thanks to Brexit.

[TAAUBlaster]

Once again, nothing to do with us - but we become the forex whipping boy

[griffin]

With that title I was expecting to see the AU$ plunging to the 60s, but we only dropped 3 US cents, and back up 1.5 cents within hours, to be above what we were just days ago.

It's actually been a bigger rollercoaster ride in the two months before the brexit...

18/4 - 78.05 US cents (the highest peak since 25th May 2015)
30/5 - 71.59 US cents (the lowest point since that peak in April, after 6 weeks of gradual sliding)
21/6 - 75.11 US cents (a peak after 3 weeks of rises)
22/6 - 74.43 US cents (a small dip before a big rise of 2 cents in the next two days)
23/6 - 76.40 US cents (the most recent peak)
24/6 - 73.26 US cents (after the brexit result)
25/6 - 74.77 US cents (the current rate as of this posting)

So it might look like a big sudden drop on the currency graph yesterday, but we are actually up on the 22nd (or the 20th if you take into account the previous peak), and are over 3 cents up on our lowest point four weeks ago.

The rush of money to the "safe" stock of gold will help offset most of the money being pulled out of our currency by investors, because we export a lot of gold.