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In November it was all downhill traffic for the Australian dollar dropping back from highs close to 70c at the beginning of the month to around 67c against the USD by month end. At the end of October the AUD had surged to a three month high against the US dollar following the third rate cut in a year by the US Federal Reserve. The gains were mainly due to the fall in the US dollar after the market sensed that US rates are more likely to rise now than fall further.
The RBA also added to the positive sentiment with an optimistic assessment of easing risks from the US-China trade war and Brexit. Accordingly markets are pulling back from bets that the cash rate will drop to 0.5 per cent and the possible start of quantitative easing.
Interestingly, AUD has decoupled from commodity prices in 2019. The price of iron ore (Australia’s largest export) nears multi-year highs while AUD languishes.
Further RBA interest rate cuts this year are now a certainty, and that doesn’t bode well for currency valuations. Westpac has predicted three cuts this year.
For AUD forecasts and predictions read our Australian Dollar Forecasts report.
Key Takeaways from the ACCC inquiry into currency conversion services. BestExchangeRates referenced among comparison sites playing an important role in customer awareness of the excessive currency margins charged by banks.
Both the Australian dollar and British pound sterling have had a hard time of late caught between the rock of the China/US trade war and the Brexit hard place.
| Foreign Transfer Providers | Receive USD(U$) | Exchange Rate | Fee AUD | Total Cost | Deal Links |
|---|---|---|---|---|---|
 | U$6,797 Best Overall | 0.6797 | 0 | 0.5% | |
 | U$6,776 U$21 less | 0.6776 | 0^ | 0.81% | |
 | U$6,723 U$74 less | 0.6723 | 0 | 1.58% | |
Banks - Average Rate         Average Bank Rate | U$6,518 U$279 less | 0.6531 | 15 | 4.58% |
| Foreign Transfer Providers | Receive USD(U$) | Exchange Rate | Fee AUD | Total Cost | Deal Links |
|---|---|---|---|---|---|
| U$6,797 Best Overall | 0.6797 | 0 | 0.5% | |
| U$6,776 U$21 less | 0.6776 | 0^ | 0.81% | |
| U$6,723 U$74 less | 0.6723 | 0 | 1.58% | |
Banks - Average Rate Average Bank Rate | U$6,518 U$279 less | 0.6531 | 15 | 4.58% |
| Travel Money Providers | Amount USD(U$) | Exchange Rate | Fee AUD | Total Cost | Deal Links |
|---|---|---|---|---|---|
 | U$665.30 Best Overall | 0.6653 | $0 BPay, Card 0.72%-1% | 2.61% | |
 | U$665.00 U$0.3 less | 0.665 | A$0 | 2.65% | |
 | U$659.20 U$6.1 less | 0.6592 | $0 BPay, Card 0.72%-1% | 3.5% | |
Banks - Average Rate Average Bank Rate | U$647.05 U$18 less | 0.6550 | 10 | 5.28% |
| Travel Card Providers | Amount USD(U$) | Exchange Rate | Fee AUD | Total Cost | Deal Links |
|---|---|---|---|---|---|
 | U$679.00 Best Overall | 0.679 | 0 | 0.5% | |
 | U$665.60 U$13 less | 0.6656 | $0 BPay, Card 0.72%-1% | 2.46% | |
 | U$662.80 U$16 less | 0.6628 | 0 | 2.87% | |
 | U$658.00 U$21 less | 0.658 | 0 | 3.58% | |
 | U$650.90 U$28 less | 0.6509 | 0 | 4.62% |
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