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1.93's A$ to the Pound!!!

1.93's A$ to the Pound!!!

Old Jun 21st 2010, 11:49 am
  #1861  
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Default Re: 1.93's A$ to the Pound!!!

it's well worth keeping an eye on the news to help time your currency transfers.

today for example, it's the Chinese unpegging of their currency to the us dollar that's fuelled the rise in oz$ value. the value of their currency going up makes exports from china more expensive, and imports cheaper (ie - minerals and metals from australia.) So this means they may buy more from oz in the short term. More expensive exports may mean chinese manufacturing is less competitive, a reduction in demand would lead to a reduction in demand for metals from australia further down the line. this demand will blip up and down all the time. the proposed australian supertax on miners has also been contributing to fluctuations as big oz government taxes on australian mines may result in the mining companies focusing developing their assets in other global regions instead.

I'm hoping once the UK debt starts to be reduced, sterling will improve. if you pick a bad stock market day (people expect a big drop in the next month, before climbing again in the autumn), you should get a better rate as the australian dollar is usually considered a high risk currency and ripe for speculation.

Last edited by magpiejay; Jun 21st 2010 at 11:52 am.
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Old Jun 21st 2010, 3:17 pm
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Thumbs up Re: 1.93's A$ to the Pound!!!

agree Magpie--stable against Euro and US$;up slightly against the barometer currency[the yen]
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Old Jun 22nd 2010, 7:35 pm
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Default Re: 1.93's A$ to the Pound!!!

well the Tory emergency budget was harsh, typical VAT has to go up the same % that Moron Brown dropped it!!!

Fortunately the £ has gone up over a cent against the aussie after it was announced so looks like markets approve so far, the build up had dropped us a few cents but bit of luck that will recoup.

£ better now against aussie relative strengh wise though so that's something!

Roll on next stockmarket panic and selling of carry trades and hope we can hit the 1.80's next!!!
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Old Jun 22nd 2010, 11:02 pm
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by MrCro
Roll on next stockmarket panic and selling of carry trades and hope we can hit the 1.80's next!!!
Yes, thats pretty much how I see it, AUD weakness seems more likely than GBP strength but either will do for me as most of my savings are in neither currency.
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Old Jun 23rd 2010, 4:32 am
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Default Re: 1.93's A$ to the Pound!!!

.[/QUOTE]

Budget good for sentiment, but overall UK debt rising still to over a TRILLION -deep poo.

Can't see any improvement on current levels for along time
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Old Jun 23rd 2010, 8:32 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by mindblower
.
Budget good for sentiment, but overall UK debt rising still to over a TRILLION -deep poo.

Can't see any improvement on current levels for along time[/QUOTE]

Agree.

What is interesting is much of the budget is deferred, in particular the VAT rise. This is unusual, and my guess is they're hoping that by deferring the pain they wont kill the recovery. Problem is that if the indicators do not pick up in the period before that, when the real bad news comes in Oct (public sector cut details), the reaction will be poor and the £ will slide further.

They're hoping that the private sector will pick up the slack for the reduced public sector and the reduced consumer, but you have to be incredibly optimistic to see that happening.
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Old Jun 23rd 2010, 8:39 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by littda01
Budget good for sentiment, but overall UK debt rising still to over a TRILLION -deep poo.

Can't see any improvement on current levels for along time
Agree.

What is interesting is much of the budget is deferred, in particular the VAT rise. This is unusual, and my guess is they're hoping that by deferring the pain they wont kill the recovery. Problem is that if the indicators do not pick up in the period before that, when the real bad news comes in Oct (public sector cut details), the reaction will be poor and the £ will slide further.

They're hoping that the private sector will pick up the slack for the reduced public sector and the reduced consumer, but you have to be incredibly optimistic to see that happening.[/QUOTE]

That half empty glass you have needs filling up.
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Old Jun 23rd 2010, 8:52 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by paulry
What is the best way to hold sterling in readiness for transferring into AU$? Clearly a mechanism needs to be set up such that the sterling funds can be easily moved over at the right time without the necessity of walking into a UK bank. Does anyone know how this can be done?
One option is with the HSBC bank, have two accounts with the one branch, a GBP account and an AUD account. Although, HSBC Australia are only paying 0.05% p.a on a GBP account at the moment.
 
Old Jun 23rd 2010, 12:33 pm
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Default Re: 1.93's A$ to the Pound!!!

1.71 and rising against all currencies!
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Old Jun 23rd 2010, 12:37 pm
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by ABCDiamond
One option is with the HSBC bank, have two accounts with the one branch, a GBP account and an AUD account. Although, HSBC Australia are only paying 0.05% p.a on a GBP account at the moment.
Thanks ABC. Is there any advantage to be had with this option over (as suggested earlier) using a currency trading account such as Ozforex/HiFX?
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Old Jun 23rd 2010, 1:18 pm
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Default Re: 1.93's A$ to the Pound!!!

Breaking news here down under, the PM seems to be about to be overthrown, in normal times that would be bad for the Aus $, but these aren't normal times.
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Old Jun 23rd 2010, 1:38 pm
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Default Re: 1.93's A$ to the Pound!!!

[quote=freebo;8651322]Breaking news here down under, the PM seems to be about to be overthrown, in normal times that would be bad for the Aus $, but these aren't normal times.[/quo


ok then is it going or down, as the actress said to the bishop,

do i buy the doller now or later,
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Old Jun 23rd 2010, 1:42 pm
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by freebo
Breaking news here down under, the PM seems to be about to be overthrown, in normal times that would be bad for the Aus $, but these aren't normal times.
i think you`ll see a blip in tommorrows trading $ down against the £
wont last long though IMO
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Old Jun 23rd 2010, 2:02 pm
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Default Re: 1.93's A$ to the Pound!!!

[QUOTE=charlie brown;8651383]
Originally Posted by freebo
Breaking news here down under, the PM seems to be about to be overthrown, in normal times that would be bad for the Aus $, but these aren't normal times.[/quo


ok then is it going or down, as the actress said to the bishop,

do i buy the doller now or later,
If I knew the answer to that, I could be rich beyond the dreams of avarice.
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Old Jun 23rd 2010, 2:08 pm
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Default Re: 1.93's A$ to the Pound!!!

[quote=freebo;8651459]
Originally Posted by charlie brown

If I knew the answer to that, I could be rich beyond the dreams of avarice.

if only, but what are peoples gut feeling on this as we are running out of time,hubby getting restless, last 18 months were not in our plans, for us,,
what we have been through to get to this stage is mind blowing,

Last edited by charlie brown; Jun 23rd 2010 at 2:11 pm. Reason: add extra
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