If you move between the Netherlands and Australia, you’ll need to exchange euros for Australian dollars on an ongoing basis. Given that, find out the outlook for the foreign exchange rate here!
Oh me oh my, but it’s a good time to exchange euros for Australian dollars!
At the time of writing, the euro to Aussie dollar exchange rate is at a 3-year high, the best since August 25th 2010, at 1.4416.
Why? Well, it’s down to a combination of economic weakness in Australia, and signs of an upturn in the Eurozone.
For instance, CNBC’s Rajeshni Naidu-Ghelani recently said that “the risk of recession may be growing in the “lucky” country after 21 years of uninterrupted growth.”
That’s brought down the Aussie dollar in a big way.
Meanwhile, confidence among businesses in Germany (Europe’s biggest economy) rose for a 2nd month on the trot in June. That’s lifted the euro.
Furthermore, we can expect this trend of euro strength and Aussie weakness to continue.
This is because the Reserve Bank of Australia is set to cut interest rates below their already all-time low of 2.75%. That will further weigh on the AUD.
At the same time, the only direction for the Eurozone at this point is up! That will help the common currency gain value.
So, if you plan to travel between the Netherlands and Australia, the exchange rate is certainly looking your way!
About the author
Peter Lavelle is a currency dealer at foreign exchange broker Pure FX.
If you have any questions about transferring money between the Netherlands and Australia, you can email him at email@example.com or call +44 (0) 1494 671800. He’d be happy to help.