Expedia® Foreign Exchange Index – April 2011

On April 11, 2011 at 09:00 AM

Latest HiFX Foreign Exchange Index reveals top destinations for travellers on the Australian Dollar

With the Australian Dollar surging past parity against the US Dollar and still hitting record highs against other currencies, now more than ever is the time to dust off the passport and head overseas. To find out where Aussie travellers get the best bang for their travel buck, online travel company Expedia, in conjunction with foreign exchange specialist HiFX, has released its latest Expedia® HiFX Foreign Exchange Index.

According to the latest Expedia HiFX Foreign Exchange Index, Asia is currently the best value-for-money region in the world, with three out of the top 10 best value destinations being in Asia.

Vietnam is currently the best-value destination for Aussie travellers, with the Australian Dollar appreciating by over 23% against the Vietnamese Dong in the past 12 months. Samoa and Argentina rounded out the top three, with the Australian Dollar appreciating by just over 19% against the Samoan Tala and almost 18% against the Argentinean Peso.

The twice-yearly index analyses currency fluctuations against the Australian Dollar to find the top 10 best-value destinations for Aussie travellers.

The latest Expedia HiFX Foreign Exchange Index is in stark contrast to the previous update in September 2010, which was dominated by European nations, featuring seven out of the top 10 destinations offering the best value against the Australian Dollar. The latest index has revealed a new breed of value-for-money destinations, including Samoa (+19%), Hong Kong (+13%), the UAE (+12%), India (+11%) and Peru (+11%), which all made the list for the very first time.

Although the Australian Dollar continues to perform well against the ‘Greenback’, the USA ranked only as the sixth best value destination for Aussie travellers. However, as the Australian Dollar continues to climb above parity with the US Dollar, the USA still provides outstanding value for money. Expedia booking and search data reveals that hot spots such as New York, Las Vegas and Los Angeles are becoming increasingly popular destinations for Australian travellers.

Despite not making the top 10 list, both the Eurozone countries and the United Kingdom still provide good value for money, with the Aussie Dollar appreciating close to 7% against the Euro and just over 5% against the British Pound in comparison with 12 months ago.

Louise Crompton, Senior Manager Marketing for Expedia Australia and New Zealand, says that the continued strength of the Aussie Dollar against other currencies is great news for travellers. “The strength of the Australian Dollar against so many of the world’s currencies, not least the US Dollar, provides Aussie travellers a once-in-a-lifetime opportunity to head overseas and make use of the amazing exchange rate and deals. Also, by charging no fees on flights, Expedia customers can make their travel budget stretch even further. Every dollar counts!” said Ms Crompton.

Nick Brain, Consultant at HiFX, comments: “The Aussie Dollar continues to strengthen, underpinned by strong local economic data, commodity prices and comparatively high interest rates. While it retains its strength against the US Dollar, it’s likely to continue to help make Australians’ overseas trips even more affordable”. 

 

Best-value destinations based on how the Australian Dollar (AUD) has performed against major currencies in the past 12 months*

 
 

Rank

Currency

AUD Percentage Gain

 

1

Vietnam (Dong)

+23.11%

 

2

Samoa (Tala)

+19.21%

 

3

Argentina (Peso)

+17.56%

 

4

Turkey (Lira)

+14.32%

 

5

Hong Kong (Dollar)

+12.68%

 

6

United States (Dollar)

+12.62%

 

7

UAE (Emirati Dirham)

+12.42%

 

8

India (Rupee)

+11.42%

 

9

Peru (Nuevo Sol)

+10.98%

 

10

Poland (Zloty)

+10.74%

 

 

Source: HiFX (www.hifx.com.au) *30/03/2010 – 30/03/2011

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pdf.gif Vietnam is best value as Aussie Dollar continues to soar.pdf75.58 KB