Aussies set to benefit from even better exchange rates
The strong Australian dollar has prompted a surge in people booking flights to foreign countries, as travellers are aware that their spending power is growing sharply.
Speaking to Sky News, foreign exchange dealer at CMC Markets Tim Waterer suggested that the dollar could surpass record levels of strength against major currencies such as the US dollar and the euro.
While this may have bad implications for Aussie retailers, the picture is far brighter for holidaymakers, as people from down under will continue to get the best exchange rates on their overseas travel money for decades.
This week, the dollar reached new heights of 82.14 cents against the euro and 68.41 pence against British sterling.
Commsec economist Savanth Sebastian told the news provider: "You're going to have those periods of volatility but I think from a fundamental sense the Aussie looks to be placed well above parity in the longer run."
The Australian Bureau of Statistics recently revealed that favourable exchange rates have resulted in record numbers of Aussies heading overseas.
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