Aussie dollar rebounds as coronavirus restrictions ease
Better exchange rates are on the cards for Australians making international money transfers as the Aussie Dollar regains strength amid coronavirus.
The latest figures reveal the AUD has made a comeback, now trading just above 0.65 US cents.*
In late March, the Aussie against the US Dollar slid below the 0.60 mark, after investor panic around coronavirus triggered a rush towards safe haven currencies, such as the USD.
But as the XE Currency Converter indicates, the AUD/USD currency pair has nearly bounced back to levels prior to this nosedive.
Yesterday, the Aussie Dollar also outperformed other major currencies, including the Euro (EUR), the British Pound (GBP) and the New Zealand Dollar (NZD).
These gains come as governments across Australia take their first steps to wind down social distancing measures.
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According to money transfer specialist OFX’s daily currency update, the AUD upturn reflects more positive investor sentiment.
“Market appetite for risk has improved through the last week as countries around the world begin loosening lockdown and social distancing restrictions,” as per the update.
The report added that Australia’s response to coronavirus - perceived as one of the more successful efforts to flatten the curve - could mean good news for economic recovery down the track.
“Our ability to combat the virus without going into full scale lockdown and level 4 restrictions means the domestic economy is well-placed to rebound in the wake of the pandemic.”
“[And] as Asia, led by China and Taiwan, appears to be kick-starting their own economic engines, there is hope the Asia/Pacific region could recover faster than other key economic areas.”
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Ready to send funds from Australia? Scroll down below for a list of foreign exchange rates available for AUD/USD.
Or if you’re looking to convert your dollars into other currencies, jump over to our international money transfer comparison table to explore your options today.
*Mid-market exchange rate, drawn from the XE Currency Converter, as of 10.31am, 29 April 2020.
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