virginiec

Looking at the Forex forward rates on Ozforex.com there does appear to be future weakeness in the AUD.

However, a 2 year future of 2.18 AUD/GBP does not imply any major slide

AUD interest rates will always be higher than their GBP counterpart (negative gearing etc doesn't help)

gavbro

Neither, as I said before, it's what he does for a living.
And he has never let me down.

Hotton

Hay gavbro are you fairdinkum ,could you PM before the 24th November
the best time to buy Aussie dollars.
cheers buddy There is a drink in it if you pop into the Bondi hotel

Thanks hotton

gavbro

Hotton,
I am in the UK so a little far for a drink.

My mate has said the rate should be at $2.30 by mid to end of September.

He is expecting it to gp to $2.45 by the end of the year.

mary1967

We're due to fly out on the 22nd October and can't make our minds up whether to exchange now or hang on to see if the rate moves in our favour.

Having followed the rate for the last 2 weeks, i'm not sure if we should set up a contract to buy if it reaches a certain amount, buy now and never look at the rates again, or wait a few more months and hope to god it doesn't drop below 2.14.

Not sure if my nerve can hold on until November Gavbro - does your mate still think the dollars gonna drop?

gavbro

Mary,
I would hand on.
I am also going soon (18th Sep).
My friend has advised me to hang on as long as possible.
I am sending what I need to survive for 1 month as my wife has a job to go to, then the rest is staying in the UK until the rate is good.

If you read all the reports they say the Aussie will collaps, you need to wait for the pound to hold steady or get a little stonger when this happens.

You can set up with most exchanges (like the one I mentioned earlier) to call you when the rate hits a certain point so you don't miss it.

OzTennis

Is this the upbeat sterling outlook to which you refer?

http://www.hifx.co.uk/marketwatch/ma...ort_13aug.aspx

OzTennis

mary1967

We're going on the 22nd October - no job as yet, so we need every penny (dollar!) we can get. We're thinking of holding it in a UK account and then transferring when my bottle goes.

My OH's got someone from Hifx calling tomorrow, so i'll have him mention about setting something up so we don't miss out.

Out of interest, what rate would you exchange at?


doesn't make good reading

gavbro

OZtennis, that is what I am talking about.
The pound is falling against the America dollar, but the Aussie is falling quicker.
Once the pound holds or picks up and the Aussie doesn't and their they are just starting with their problems like the housing market dropping (and as everyone knows when the housing market is strong the Australian economy is strong) they will be in trouble.

Mary, I am looking for around £2.35.
If I have to I will change at £2.30, but I will have to have run out of money before I do that.

mary1967

Thanks Gavbro, gives me an idea on what to aim for (bet i end up changing at 2.10).

I can see your reasoning, just hope it all happens (sorry Australia) when we're ready to go.

gavbro

Mary,
I hope it happens to.
I have worked out that with the money I have to change, at the bad rate of £2.05 that it was 3 weeks ago I would get £348,500, at £2.40 it would be $408,00.
I can get a 2006 Mitsubishi outlander for $20,000.

That certainly puts it in perspective, I could get 3 of them.

At least the rate has picked up again today ($2.1521), all I hope is that the Aussie collapses, just for one day, a rate of $3.00 would be good but that’s not going to happen

Are you going to Aus to live Mary, if so where.

I'm going back to Melbourne after a 13 years stay in the UK.

mary1967

We're off to Perth in October, getting scared now So many things to sort out and worry about

It certainly puts it into perspective. I must admit, until a few weeks ago i hadn't even thought about the exchange rate, not so now!!!

Do you know whether you can do a forward contract for $2.35 and then reduce it if it doesn't go up before you need to transfer it?

gavbro

I don't know if you can but I bought it.
The good thing with these companies is, once you have agreed a price that is it.
It does not matter what the rate does after that.

Have you registered with anyone yet?
If not you will need to before they will seal the deal.

Then you can call them from Aus and do an electronic transfer from your UK bank account.

You should be a UK resident to deal with these companies but how do they know you have emigrated.

Anyway good luck with everything, and remember your first christmas will be strange, but at least you will not be cold.

mary1967

Was thinking of using Hifx. Thank for the info Gavbro

gavbro

Well to all the people who said it would not happen.
It may not have got to $2.30 but $2.26 as it was yesterday is alot better than $2.05 when this thread started.

My friend has told me to hang on to as much as I can in pounds for the moment.
I am now in Aus and had to change some to live on, I got $2.22 which was OK.

But still have most of my money in the UK so when the rate hits $2.40 I will change mine.

I am like others, once it hits $2.40 don't think I have the guts to hang on for $2.45, just in case.

Gav