The global financial crisis has brought with it significant volatility in the foreign exchange markets.
We've been watching this volatility with interests, with a particular eye on the interplay between the currencies of key source markets, particularly China and India, and those of the key providers of education to international students, namely the US, UK and Australia.
Perhaps the most striking characteristic of the recently currency market activity has been the rapid decline in the value of the Australian dollar against other leading currencies. The recent fall was so swift and steep that London's Financial times dubbed the Aussie Dollar the "whipping boy" of the foreign exchange markets.
Importantly the Australian dollar has fallen markedly against both the Chinese Yuan and Indian Rupee.
The fall is great news for Australian education providers seeking to recruit international students because Australia once again becomes a great choice for cash strapped parents looking to get value for money when sending their kids overseas to study.
UK institutions may also get some benefit from a strong Yuan that has made good gains against the pound.
US institutions may not be so well placed. Both the Rupee and the Yuan have depreciated significantly against the US dollar which makes as US education an increasingly expensive option.
Australian and UK institutions should think about capitalising on the the current exchange rate situation by actively marketing the value-for-money benefits of their courses to students in their key offshore markets.
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