Value of Australian dollar falls

Thursday 16 February 2012

Article by Mozo

Aussie holidaymakers have been benefiting from the best exchange rates when heading abroad for quite some time now.

This is due to the strength of the country's currency, which has made it more feasible for people from down under to head abroad as their cash will stretch far further than it has done in the past.

However, events this week have forced the dollar down by almost one cent against the US equivalent, the Australian Associated Press reports.

Uncertainty surrounding a bail-out package for troubled Greece was cited for the drop and senior foreign exchange dealer for CMC Markets Tim Waterer told the publication that this possibly explains why the Reserve Bank of Australia opted not to reduce interest rates last week.

Despite this slight set back, Aussies are still in a strong position when taking a foreign holiday and European destinations are particularly favourable at the moment because of the weak euro.

There are plenty of options open to travellers, from the warm climes of a Greek island to a cultural trip to Paris or Rome.

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