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1.93's A$ to the Pound!!!

1.93's A$ to the Pound!!!

Old Oct 7th 2010, 1:20 am
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Default Re: 1.93's A$ to the Pound!!!

On the flipside I borrowed 5000 sterling from a relative in the UK to buy my house last year (got just under $2 - pound from memory). I still owe him 2500 and if I could transfer today i'd make hundreds from the deal, but ...

Can't do it right now. No rush from rellie, just the exchange rate! ...
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Old Oct 7th 2010, 1:43 am
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Default Re: 1.93's A$ to the Pound!!!

Wow, some excellent advice and tips here, thank you

The plan is to bring the bare minimum. I'm conscious that costs with a poor exchange rate will quickly pile up even on the cheap - which in my circumstances won't always be an option. For example we need to budget for a good rental to help the settling in process. OTOH, an old banger is something that wont affect morale, provided it doesn't break down .

I didn't take jad n rich's comments as a bubble burster, they seemed fairly sensible to me.

The exchange rate is very depressing but hey, I suppose it's only money . We should instead be counting ourselves lucky to have a ticket for a shot at a brighter future - albeit an expensive one.
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Old Oct 7th 2010, 1:55 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by Wendy
It's not an easy choice is it. I'm glad we didn't really have the choice - we had to bring all our money because we didn't have a lot, and we couldn't really keep anything back for if we wanted to return if it didn't work out, because we didn't have the cash for that either. For us it was a definite all or nothing - which I think pushed us to just get on with it really. Luckily we all love living here, and we have better paying jobs to go with it all. I know that not everyone is so lucky.
My OH would happily just send the whole lot over in one fell swoop if I agreed to. But I'm umm-ing and ahh-ing about it and keep seeing the diffence between what the pound was worth a few years ago, what it is now and sods law that the pound will improve the moment we transfer. Where's that crystal ball?

Originally Posted by Wendy
Have to say that I like the idea of getting advice from a naked gorilla Could be an improvement in some regards
I also thought that
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Old Oct 7th 2010, 2:05 am
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Default Re: 1.93's A$ to the Pound!!!

Font page of the Financial Review (Australian equiv of Financial Times) today carries a story "Surging Dollar Risk to Budget".

It goes on to say that the budget is based on an exchange rate of US 85c and that if the current rates (about 97c today) are sustained tax revenues will suffer and the plan to bring the budget into surplus will not happen in the expected timeframe.

Many countries want a weak currency to help their exporters and are taking action to devalue, as Australia is (currently) not doing so this has contributed to the recent rise of the AUD.

At some point this start to become a real problem for Australian exporters, and could force interest rates to actually fall or even direct market intervention, as recently seen by Japan, Brasil and Switzerland among others. The route taken to devalue by the US and UK among others has simply been to print more currency.

All this means the AUD may not stay this strong for too long, which is also the quoted opinion of the RBA.

Its looking like the start of a currency war, (say the IMF) and Australia is actually loosing out because of it.
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Old Oct 7th 2010, 2:13 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by freebo
Font page of the Financial Review (Australian equiv of Financial Times) today carries a story "Surging Dollar Risk to Budget".

It goes on to say that the budget is based on an exchange rate of US 85c and that if the current rates (about 97c today) are sustained tax revenues will suffer and the plan to bring the budget into surplus will not happen in the expected timeframe.

Many countries want a weak currency to help their exporters and are taking action to devalue, as Australia is (currently) not doing so this has contributed to the recent rise of the AUD.

At some point this start to become a real problem for Australian exporters, and could force interest rates to actually fall or even direct market intervention, as recently seen by Japan, Brasil and Switzerland among others. The route taken to devalue by the US and UK among others has simply been to print more currency.

All this means the AUD may not stay this strong for too long, which is also the quoted opinion of the RBA.

Its looking like the start of a currency war, (say the IMF) and Australia is actually loosing out because of it.
That makes sense but yikes it's now 1.613
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Old Oct 7th 2010, 2:47 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by freebo
Font page of the Financial Review (Australian equiv of Financial Times) today carries a story "Surging Dollar Risk to Budget".

It goes on to say that the budget is based on an exchange rate of US 85c and that if the current rates (about 97c today) are sustained tax revenues will suffer and the plan to bring the budget into surplus will not happen in the expected timeframe.

Many countries want a weak currency to help their exporters and are taking action to devalue, as Australia is (currently) not doing so this has contributed to the recent rise of the AUD.

At some point this start to become a real problem for Australian exporters, and could force interest rates to actually fall or even direct market intervention, as recently seen by Japan, Brasil and Switzerland among others. The route taken to devalue by the US and UK among others has simply been to print more currency.

All this means the AUD may not stay this strong for too long, which is also the quoted opinion of the RBA.

Its looking like the start of a currency war, (say the IMF) and Australia is actually loosing out because of it.
This is the beggar-thy-neighbour approach - everyone tries to devalue their currency to stimulate export demand, and so kickstart their economy. Problem is, there need to be some importers as well as exporters - everyone can't be exporter unless there's some interplanetary trade

In Aus case, because commodity prices are so strong and Chinese demand so high, there's little need to devalue the AUD - the export economy is already strong even with the AUD riding high.

So commentators are not predicting this to have much effect on the AUD, whereas for the GBP, Euro and USD, the need to devalue is very clear.

However, the AUD may weaken for other reasons (if the Aus economy weakens for example).
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Old Oct 7th 2010, 3:04 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by paulry
That makes sense but yikes it's now 1.613
Just think of your lovely big AUD wage I've had a rise of about 10% in 6 months (when converted to pounds).

Joking aside trade protectionism could be bad for all, including Australia.
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Old Oct 7th 2010, 3:07 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by paulry
That makes sense but yikes it's now 1.613
Yikes! Thats a plunge and a half through a previous bottom.
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Old Oct 7th 2010, 3:11 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by freebo
Many countries want a weak currency to help their exporters and are taking action to devalue, as Australia is (currently) not doing so this has contributed to the recent rise of the AUD.
Let the market decide what the strength of AUD should be. There are reasons to devalue a currency ie a f**ked economy like in the US and UK, but Australia is not in that situation.
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Old Oct 7th 2010, 3:15 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by Amazulu
Let the market decide what the strength of AUD should be. There are reasons to devalue a currency ie a f**ked economy like in the US and UK, but Australia is not in that situation.
Funny, I was going to decide for myself
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Old Oct 7th 2010, 4:38 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by iamthecreaturefromuranus
I know, but claiming you had to get straight to work because of the state of the pound really doesn't hang together.
It does as far as I'm concerned.
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Old Oct 7th 2010, 4:51 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by paulry
That makes sense but yikes it's now 1.613
Thats cause I bought some at 1.63 typical , but now we buy a bit more, average it out, frankly the roulette table offers more reliable odds.
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Old Oct 7th 2010, 6:03 am
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Default Re: 1.93's A$ to the Pound!!!

Not that long ago a pound got you 1.60 US. And averaging down in shares or forex is not smart. What pushes the pound up now is anybody's guess. A better deal is more likely to come from lower AUD at some point in the future.
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Old Oct 7th 2010, 8:05 am
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Default Re: 1.93's A$ to the Pound!!!

Glad I converted a bit in the recent spike of 1.8

Now please get down to 1.5 so I can buy some £'s. Thank you.
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Old Oct 7th 2010, 8:06 am
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Default Re: 1.93's A$ to the Pound!!!

$1.6097...here come the $1.50s?
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