Janelle has 6 years of experience working in the travel industry as a digital marketer, with the last two specialising in Travel Money. Coming from a background of Journalism and English, Janelle enjoys writing copy for blogs, websites and social media, and has written guest posts for both Cruiseabout and Travel Money NZ.
What's New in Foreign Currency Exchange?
There are a heap of factors that can impact on the foreign exchange market and currency exchange rates, from politics to the weather. While we can't predict how these factors will impact the market, we can have a look at what is happening in the world and the impact it has had on foreign currency so far.
Here is a snapshot of what's been happening in the world of foreign currency recently, and if any of these changes have had an impact on your travel money, our Travel Money FXperts will gladly help you with any further information you may need.
#1. The Trump Factor Continued
The USA tends to be the top of the list these days, and President Trump's recent actions are no different. From his posturing with Kim Jong-un to his failure to denounce far-right extremists after a death at a rally in Charlottesville. From his firing of his adviser Steve Bannon, to concerns that his stimulus plans are in peril. Take your pick of USA political events impacting on the US dollar.
They're all weighing on the stock market and investors, and the uncertainty is making for a rocky time for the USD. But you'll need to watch this space to see how it impacts directly on your foreign exchange.
#2. Barcelona Terror Attacks
Unfortunately hot on all news agendas is the terror attack in Barcelona last week. But beyond the details of the actual attack, there is another aspect to consider - how this geopolitical event has impacted the currency markets. Post-attack, the markets responded with a 3-week low as investors were on edge. The market seems to have rallied and the Euro has recovered for now, but nerves are still raw with uncertainty.
#3. Jackson Hole Symposium
Top central bankers from around the world are gather in Wyoming, USA from 24 to 26 August for the Symposium which will focus on how the central banks will exit the stimulus package that was rolled out during the financial crisis. It's unclear how the markets will react to this process, but investors are likely to be keeping a close eye on the events and speeches.
#4. Digital currency rush
Forget the gold rush, Cairns is having a digital currency rush. Taking part in an Australian-first digital currency trial, where more than 35 retailers are allowing customers to pay with a new form of currency called AirBux PAY via AUD physical currency, Cairns is leading the charge for Australia's venture into its own form of digital currency.
Customers can download an app and use it to pay for anything - from food to tours. They can also earn loyalty points that can be converted into cash. AirBux is a universal cloud solution that is becoming particularly popular with tourists in the area. The next step of the trial is due to launch at the beginning of September.
#5. New $10 AUD Banknote
Set to be in circulation from 20 September 2017, the new $10 Aussie banknote will offer the same features found in last year's new $5 note. This includes world-leading security benefits such a clear top-to-bottom window, a rolling colour effect, a reversing number 10, and a tactile feature so that the note can be recognised by vision-impaired members of the community.
The note's design features two of Australia's biggest icons - prominent writers Dame Mary Gilmore and Banjo Paterson.
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