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The first in our export risk series addresses the juggle involved in pricing your products for an international market. As improper pricing of your products could undermine your profitability—or your business, it is vital to ensure you understand the complexities of documentation, foreign exchange and perceived market value.
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Minister for Trade Simon Crean has advised Australian exporters to brace themselves for a stronger Australian dollar after a steady climb over the past two months. “Despite the dollar going up, manufacturing has improved,” he said. “They just have to learn to accommodate this sort of thing, going forward … there’s a need for hedging.” [...]
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The Reserve Bank of Australia (RBA) yesterday raised the cash rate to 3.5 percent, a rise of 25 basis points and the second consecutive increase after October’s 25-point rise. In a statement, RBA governor Glenn Stevens attributed the increase to global events: “The global economy has resumed growth. With economic policy settings likely to remain [...]
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The Australian dollar is now in US90-cent territory and there are fears this could affect our strong showing in ‘the great recovery’. There is even some market speculation that the Aussie battler will reach parity with the greenback. Naturally, many market economists have also speculated as to how the high exchange rate would affect exporters. [...]
...read moreMinister for Trade Simon Crean has highlighted the plight of Australian exporters struggling with a strong Australian dollar, which has now surged to a 14-month high against the US dollar. “When the dollar rises it’s harder for exporters. When you’ve got the volatility it makes it hard, especially when it’s going up,” he remarked. Crean [...]
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Days of the US dollar dominating global currency reserves are numbered, according to World Bank president Robert Zoellick. “The United States would be mistaken to take for granted the dollar’s place as the world’s predominant reserve currency,” said Zoellick. “Looking forward, there will increasingly be other options to the dollar.” He also criticised the world’s [...]
...read moreThe latest Australian Bureau of Agricultural and Resource Economics (ABARE) report contains a downward adjustment for agricultural export earnings in the 2009/10 financial year, due to the high Australian dollar. “Although winter crop production is forecast to increase in 2009/10, an assumed higher average value of the Australian dollar is expected to lead to lower [...]
...read moreThe Australia dollar yesterday jumped to its highest level in a year, surging to US85.39c before closing at US85.18c. Icap senior economist, Adam Carr has predicted the Australian dollar will continue to rise against the US dollar as the likelihood of a rate hike increases. “I think we will get above US90c when the RBA [...]
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The Bank of Canada, the country’s central bank, has issued a positive outlook for the next quarter of the North American nation’s economy with the worst-case scenario “taken off the table” according to the bank’s governor Mark Carney. The official forecast, issued late last week, shows that the bank expects Canada to recover from its [...]
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China and Russia will stop dealing in US dollars and instead use their own currencies in bilateral trade, according to a new agreement between the two countries. Both countries have called for a revision global financial system following the global economic crisis, and have supported the need for a new ‘universal’ currency besides the dollar. [...]
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