Australian Dollar Recovery30 April 2020 by News Desk
Australian Dollar has recovered well and remains strong against other major currencies despite market turbulence caused by the coronavirus.
It’s been a very turbulent time for global currencies recently, particularly the Australian dollar against the US Dollar.
Despite steep losses in March the swift action taken by the Australian government in response to the virus has seen a strengthening of the Australian dollar, which hit a six-week high this week at 0.6535.
Worldwide, countries are seeking to re-open their economies to re-ignite trade and commerce. An economy that is able to open quicker than other countries builds strength and confidence in its local currency.
But as unemployment figures rise and central banks and governments introduce measures to stimulate their economies, the world’s currency markets move quickly in response.
Australian Dollar Recovery
The Australian dollar is currently showing encouraging recovery against the US dollar, so now could be a good time to consider fixing your rate for a future transfer need.
If your goal is to protect your own money or company earnings from unnecessary foreign exchange losses, you could consider a Forward Contract.
This achieves rate certainty over a predetermined period of time and the ability to predict your profitability.
World stock markets surged overnight as encouraging news for an experimental COVID-19 treatment helped shrug off bleak US economic data and financial warnings from the US Federal Reserve.
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