The Australian dollar has been on a bumpy ride since the coronavirus first hit our shores, putting those intending to travel overseas later this year in a quandary over whether to lock-in their foreign currency rates now, or wait in the hope of a better deal.
In March 2020, the dollar briefly fell to less than US60¢ when fears about the impact of the pandemic on global economic growth were at their greatest.
Australian dollar has been on a wild ride during the pandemic Credit:Wayne Taylor
The currency tends to do better in periods of strong global growth, as that tends to push up the prices of the commodities we export.
The dollar climbed to more than US77¢ in the early part of last year but has since fallen back to about US70¢.
Along with global growth and the prices of commodities, the other major factor driving the value of our currency is the interest-rate difference between Australia and overseas countries, particularly the…