FX £ - $ AUD This week
#1
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Joined: Apr 2008
Posts: 16
FX £ - $ AUD This week
Watch out for some fun here people.
$ closed at 2.5685 Friday...
Volatile trading is expected on open....
The only 2 global currencies stirling is holding and getting stronger on is Oz and Kiwi $...
Indicitive of, if its broke in Uk as it looks like, its sure starting looking a little broker over here...
I just changed large 6 figure sum at 2.598 12 days ago on the last spike...happy at that but me thinks this next week will see it spike back up to where it was a month ago.....
I am not a currency broker , I am just someone who follows these things.
Here`s my view for the Interbank lending rate,
week ending 2nd AUD will spike at 2.65 to the Pound and drop off to high 2.40`s.
week ending 9th ( after both uk and OZ will drop interest rates , Uk by 0.5% OZ by 0.75% AUD will spike at low to mid 2.70`s.. this will be the first genuine 2.70 time and I dont think it will last long..
FX is very much in the laps of the gods but if you look at the last few Fridays close of trade rate, then this is very much higher on Market open tomorrow... The first 2 hour`s of opening will be a good indication..If it does not have significant fall, it will spike high in the week...
One thing I do know people, is both OZFOREX and HIFX will close any deal if you cannot be contacted within the hour, this happened with me last week, after making 3 exchanges at 2.53, I was tied up at work, they said they tried to contact me, they did not, when I got through to them they told me they could not offer the 2.53 as it had dropped back to 2.48.... I eventually got it back after speaking to the manager there.. They are all working on the same way now as the £- AUD FX is so volatile ( 7% swing on friday alone)
Be brave and do what`s best for your situation.. This is unprecedented times on the FX at the moment, there are a lot of people working this to their benefit. someone I know has made £30k in the last 2 weeks exchanging to AUD and back to GBP without it even being touched...
Again this is only my opinion and as the great man said, Opinions and buttholes are the same, everyones got one and they all stink!
$ closed at 2.5685 Friday...
Volatile trading is expected on open....
The only 2 global currencies stirling is holding and getting stronger on is Oz and Kiwi $...
Indicitive of, if its broke in Uk as it looks like, its sure starting looking a little broker over here...
I just changed large 6 figure sum at 2.598 12 days ago on the last spike...happy at that but me thinks this next week will see it spike back up to where it was a month ago.....
I am not a currency broker , I am just someone who follows these things.
Here`s my view for the Interbank lending rate,
week ending 2nd AUD will spike at 2.65 to the Pound and drop off to high 2.40`s.
week ending 9th ( after both uk and OZ will drop interest rates , Uk by 0.5% OZ by 0.75% AUD will spike at low to mid 2.70`s.. this will be the first genuine 2.70 time and I dont think it will last long..
FX is very much in the laps of the gods but if you look at the last few Fridays close of trade rate, then this is very much higher on Market open tomorrow... The first 2 hour`s of opening will be a good indication..If it does not have significant fall, it will spike high in the week...
One thing I do know people, is both OZFOREX and HIFX will close any deal if you cannot be contacted within the hour, this happened with me last week, after making 3 exchanges at 2.53, I was tied up at work, they said they tried to contact me, they did not, when I got through to them they told me they could not offer the 2.53 as it had dropped back to 2.48.... I eventually got it back after speaking to the manager there.. They are all working on the same way now as the £- AUD FX is so volatile ( 7% swing on friday alone)
Be brave and do what`s best for your situation.. This is unprecedented times on the FX at the moment, there are a lot of people working this to their benefit. someone I know has made £30k in the last 2 weeks exchanging to AUD and back to GBP without it even being touched...
Again this is only my opinion and as the great man said, Opinions and buttholes are the same, everyones got one and they all stink!
#2
Re: FX £ - $ AUD This week
The lower the Exchange rate Aud v the Pound the better for the Aussie Economy.
I hope it really drops.
Keep imports expensive and exports cheap.
I hope it really drops.
Keep imports expensive and exports cheap.
#3
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Joined: Nov 2004
Location: Murrumbeena, Melbourne
Posts: 380
Re: FX £ - $ AUD This week
Been watching the last few weeks ...
Maybe time to get that limit order in at the rate I will be happy with so I don't miss the boat!?
Maybe time to get that limit order in at the rate I will be happy with so I don't miss the boat!?
#4
BE Forum Addict
Joined: Oct 2006
Location: Adelaide
Posts: 3,162
Re: FX £ - $ AUD This week
We changed some money with ozforex when it first went up and didn't get a call for over an hour, and we couldn't get through to them. It had dropped down and I was worried they wouldn't honnor it, but they did.
#5
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Joined: Aug 2008
Location: Gloucestershire
Posts: 2,201
Re: FX £ - $ AUD This week
We had the same with HiFX - they were useless. Dealers were busy and would ring us right back. Two hours later we gave up and rang again. Were kept on hold so made a complaint and eventually they agreed to take our money (which is a really significant sum which we hope will buy us a house there eventually) by which time it had dropped by 3cents. I was bloody fuming. We lost out just because they didn't have enough staff.
We 'forwarded' at 2.52 which we are happy with (tho 2.70 would be better!). The reason being that we agreed a long time ago that we wouldn't move out until it reached 2.50 which we were beginning to believe would never happen. So it exceeded what we originally wanted, so we're happy. Trying to stop watching the Marketwatch screens isn't so easy but I'm gradually weaning myself off it.
Lorraine
#6
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Joined: Nov 2004
Location: Murrumbeena, Melbourne
Posts: 380
Re: FX £ - $ AUD This week
We had the same with HiFX - they were useless. Dealers were busy and would ring us right back. Two hours later we gave up and rang again. Were kept on hold so made a complaint and eventually they agreed to take our money (which is a really significant sum which we hope will buy us a house there eventually) by which time it had dropped by 3cents. I was bloody fuming. We lost out just because they didn't have enough staff.
We 'forwarded' at 2.52 which we are happy with (tho 2.70 would be better!). The reason being that we agreed a long time ago that we wouldn't move out until it reached 2.50 which we were beginning to believe would never happen. So it exceeded what we originally wanted, so we're happy. Trying to stop watching the Marketwatch screens isn't so easy but I'm gradually weaning myself off it.
Lorraine
We 'forwarded' at 2.52 which we are happy with (tho 2.70 would be better!). The reason being that we agreed a long time ago that we wouldn't move out until it reached 2.50 which we were beginning to believe would never happen. So it exceeded what we originally wanted, so we're happy. Trying to stop watching the Marketwatch screens isn't so easy but I'm gradually weaning myself off it.
Lorraine
#7
Re: FX £ - $ AUD This week
Minimum £20K for market orders. We'd prefer to use this option, but as don't have funds in place and not likely to have 20k saved up ready to go to Aus, won't happen for us.
#8
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Joined: Nov 2004
Location: Murrumbeena, Melbourne
Posts: 380
Re: FX £ - $ AUD This week
Thanks, I'll be exchanging alot more than that with a plan to convert to a forward order for Feb / March next year?!
#9
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Joined: Oct 2006
Location: Adelaide
Posts: 3,162
Re: FX £ - $ AUD This week
We had the same with HiFX - they were useless. Dealers were busy and would ring us right back. Two hours later we gave up and rang again. Were kept on hold so made a complaint and eventually they agreed to take our money (which is a really significant sum which we hope will buy us a house there eventually) by which time it had dropped by 3cents. I was bloody fuming. We lost out just because they didn't have enough staff.
Lorraine
Lorraine
#10
Re: FX £ - $ AUD This week
ozforex can do auto confirm deal on amounts less than 50K AUD. So do 19K GBP at a time when its really busy to at least get some auto-confirmed
#11
Forum Regular
Joined: Apr 2007
Location: Brisbane
Posts: 199
Re: FX £ - $ AUD This week
I thought nothing of it and did not carry my mobile as the auto confirm seemed ok again (deal status was set to confirmed). Just missed picking it up when it rang. Then 5 mins later started getting emails saying they could not contact me and deal will be cancelled. Tried ringing over and over, connected then died (I got charged for all these calls). Also sent emails. This was at 11:30 pm, so not much fun and I didn't want to lose the deal (2.63 !). About an hour later got an email confirming the deal. I think they 'forgot' about the auto confirm.
I have to say, the service goes rapidly downhill when the rate goes up. I can understand this, as it cannot be predicted and everybody wants to trade, but even so, when things hot up, that's when you want to be sure you can trade.
Last edited by carlap; Oct 27th 2008 at 9:19 am.
#12
Re: FX £ - $ AUD This week
Oct. 27 (Bloomberg) -- The Reserve Bank of Australia intervened for a second straight trading day in foreign exchange markets, buying Australian dollars as the currency traded near a five-year low against the U.S. currency.
The central bank ``provided more liquidity to the foreign exchange market,'' a spokesman for the Sydney-based RBA said today by phone. He declined to be identified. The intervention came amid similar circumstances to those on Oct. 24 when the central bank bought Australian dollars, according to the spokesman.
Australia's dollar plunged 9.7 percent against the greenback and 16 percent versus the yen last week as investors bought back currency borrowed in so-called carry trades.
The Australian dollar pared declines after the RBA acted, trading down 0.3 percent at 62.05 U.S. cents at 11:46 a.m. in Sydney, from 62.23 cents on Oct. 24 late in New York. It earlier fell as low as 61.26 cents. The Australian currency dropped as much as 3.9 percent to 56.38 yen and traded at 58.31 yen, down 0.6 percent from the end of last week.
http://www.bloomberg.com/apps/news?p...pXw&refer=home
Does this mean that the rate won't go that high due to the RBA?
The central bank ``provided more liquidity to the foreign exchange market,'' a spokesman for the Sydney-based RBA said today by phone. He declined to be identified. The intervention came amid similar circumstances to those on Oct. 24 when the central bank bought Australian dollars, according to the spokesman.
Australia's dollar plunged 9.7 percent against the greenback and 16 percent versus the yen last week as investors bought back currency borrowed in so-called carry trades.
The Australian dollar pared declines after the RBA acted, trading down 0.3 percent at 62.05 U.S. cents at 11:46 a.m. in Sydney, from 62.23 cents on Oct. 24 late in New York. It earlier fell as low as 61.26 cents. The Australian currency dropped as much as 3.9 percent to 56.38 yen and traded at 58.31 yen, down 0.6 percent from the end of last week.
http://www.bloomberg.com/apps/news?p...pXw&refer=home
Does this mean that the rate won't go that high due to the RBA?
#14
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Joined: Nov 2004
Location: Murrumbeena, Melbourne
Posts: 380
Re: FX £ - $ AUD This week
About to put a limit order in - now do I do all my pot of savings & capital from the house or not, that's the question .... Hmmmmmm?
Trader says to split it ... ???
Trader says to split it ... ???
#15
Just Joined
Joined: Jun 2008
Posts: 26
Re: FX £ - $ AUD This week
Hi, I'm planning to move to OZ in 18 months and have saved £30,000 so far. Would anyone advise me to buy AU$ now when it is low???
I'm not really sure how to do it or what I'm getting in to, I've never delt with buying currency before.......any advice!!
I was in OZ about 4 years ago and had a westpac bank account, but not sure if its still open. Do I have to put the money into an OZ bank account or can I place it into a UK bank account in AU$?
Cheers
I'm not really sure how to do it or what I'm getting in to, I've never delt with buying currency before.......any advice!!
I was in OZ about 4 years ago and had a westpac bank account, but not sure if its still open. Do I have to put the money into an OZ bank account or can I place it into a UK bank account in AU$?
Cheers