Sydney, 31 January 2013 – With the Aussie dollar currently strong against several of the world’s major currencies, Aussies are spoilt for choice as to where their next holiday should be. While the US and Europe are considered the ‘go-to’ destinations by many, the 2013 Expedia NAB Foreign Exchange Index released today, provides some food for thought, listing Japan at the top of the five emerging destinations which have seen the largest appreciation of the Australian dollar in the last year.
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"Inflation rates had been taken into account when analyzing the data to determine exactly how far the dollar would stretch in each country.
After we adjusted movements in currency values for inflation rates, the league table of relative currency winners and losers shifts, though Japan’s place at the top of the leader board is maintained. While Japan may still not be considered ‘cheap’, the exchange rate moves of the past year means that in many respects – including eating out and drinking – the Australian dollar will now stretch further inside Japan than it does at home."
NAB’s currency strategist assessed a range of foreign currencies against the Australian dollar over a 12 month period. The percentage rate of change between those foreign currencies was calculated against the NZ dollar. The annual rate of inflation in those countries was then calculated over the same period and then subtracted from the percentage change in the exchange rates. These calculations produced a ranking of countries whose currencies give travelers greater value against the Australian dollar.