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1.93's A$ to the Pound!!!

1.93's A$ to the Pound!!!

Old Sep 25th 2009, 11:59 pm
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Default Re: 1.93's A$ to the Pound!!!

I can't believe Mervin King said that today about a low pound being good... as if it wasn't low enough already. Just an hour or so before the pound was climbing really quickly - he deliberately came out and clobbered it.

I'm not sure what's more scary; watching someone effectively paid by us deliberately influence the markets to devalue the pound like that, or the fact that the markets are so twitchy as to react on what he 'may have meant'.

So given that it's clearly the BoE's intention to screw the pound down, does it truly have a hope of climbing?

I was always certain it would get back to 2,2.1 or something by christmas - but after seeing this today I wonder..
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Old Sep 26th 2009, 12:04 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by jamo123
I can't believe Mervin King said that today about a low pound being good... as if it wasn't low enough already. Just an hour or so before the pound was climbing really quickly - he deliberately came out and clobbered it.

I'm not sure what's more scary; watching someone effectively paid by us deliberately influence the markets to devalue the pound like that, or the fact that the markets are so twitchy as to react on what he 'may have meant'.

So given that it's clearly the BoE's intention to screw the pound down, does it truly have a hope of climbing?

I was always certain it would get back to 2,2.1 or something by christmas - but after seeing this today I wonder..
Maybe there is a plan to devalue it so they can buy real pounds cheaply with their foreign reserves in order to dilute all the fake pounds they created to prop up the banking system. So, run down foreign reserves, remove fake pounds from the economy to boost the exchange rate, buy back foreign reserves.

Last edited by MartinLuther; Sep 26th 2009 at 12:06 am.
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Old Sep 26th 2009, 12:08 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by MartinLuther
Maybe there is a plan to devalue it so they can buy real pounds cheaply with their foreign reserves in order to dilute all the fake pounds they created to prop up the banking system. So, run down foreign reserves, remove fake pounds from the economy to boost the exchange rate, buy back foreign reserves.
That could be seen as cynical.... but certainly correct!!
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Old Sep 26th 2009, 5:19 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by renth
And if you do win you are supposed to declare it on your tax return too

I'd be more than happy to pay tax on a big win. Even at my ridiculously overinflated tax rate a one million quid win would leave plenty of pocket money!


S
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Old Sep 26th 2009, 9:12 pm
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Default Re: 1.93's A$ to the Pound!!!

Plenty of anecdotal evidence on the threads that Brits are beginning to pull the plug on moves to Oz because of the exchange rate. I wonder if the guys at HiFx can see that in reduced trading volumes?
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Old Sep 27th 2009, 1:53 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by iamthecreaturefromuranus
Plenty of anecdotal evidence on the threads that Brits are beginning to pull the plug on moves to Oz because of the exchange rate. I wonder if the guys at HiFx can see that in reduced trading volumes?

There certainly is. What I find odd is that there is a peculiar sense of entitlement floating around - that some folks almost feel that they deserve to have a better exchange rate because they are doing Australia a favour in moving here, and that the Australian Government should be doing something more to help them, and because they are not it's all the government's fault.

Comments like 'Australia can wait for me now' etc betray a certain bitterness I think. After all, there are many skilled people in countries where the quality of living is far below that of the (even recession dogged) UK who would be more than happy to just come here, irrespective of the exchange rate.

As the number of migrants from the UK falls off, we will start to see an increase in the numbers moving from those countries - India in particular. Frankly, I don't think that Australia cares where they come from, providing they have the requisite skills to add value and growth to the economy.


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Old Sep 27th 2009, 2:03 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by Swerv-o
There certainly is. What I find odd is that there is a peculiar sense of entitlement floating around - that some folks almost feel that they deserve to have a better exchange rate because they are doing Australia a favour in moving here, and that the Australian Government should be doing something more to help them, and because they are not it's all the government's fault.

Comments like 'Australia can wait for me now' etc betray a certain bitterness I think. After all, there are many skilled people in countries where the quality of living is far below that of the (even recession dogged) UK who would be more than happy to just come here, irrespective of the exchange rate.

As the number of migrants from the UK falls off, we will start to see an increase in the numbers moving from those countries - India in particular. Frankly, I don't think that Australia cares where they come from, providing they have the requisite skills to add value and growth to the economy.


S
Completely agree.

Technically the Aussie wages have been increased when calculated in pounds to compensate for the exchange rate losses.
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Old Sep 27th 2009, 2:23 am
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Default Re: 1.93's A$ to the Pound!!!

I honestly believe that presently Australia would prefer Indians, as politically it bodes well for future trade to have a large Indian presence in Australia. I was of the understanding that's why Indian migration seems to be a favoured policy in the past few years.

I'd be surprised if Australia does more trade with the UK than it does with India these days.

Last edited by ozzieeagle; Sep 27th 2009 at 2:26 am.
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Old Sep 27th 2009, 6:02 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by Swerv-o
There certainly is. What I find odd is that there is a peculiar sense of entitlement floating around - that some folks almost feel that they deserve to have a better exchange rate because they are doing Australia a favour in moving here, and that the Australian Government should be doing something more to help them, and because they are not it's all the government's fault.

Comments like 'Australia can wait for me now' etc betray a certain bitterness I think. After all, there are many skilled people in countries where the quality of living is far below that of the (even recession dogged) UK who would be more than happy to just come here, irrespective of the exchange rate.

As the number of migrants from the UK falls off, we will start to see an increase in the numbers moving from those countries - India in particular. Frankly, I don't think that Australia cares where they come from, providing they have the requisite skills to add value and growth to the economy.


S
I am still coming we all know at some point it will all return to normal. With me I am only going to use what I need to start up with & leave the rest till happyer times.My trade will give me no problems finding a job.
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Old Sep 27th 2009, 7:10 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by eugene43
I am still coming we all know at some point it will all return to normal. With me I am only going to use what I need to start up with & leave the rest till happyer times.My trade will give me no problems finding a job.
That's good that you're still intending to come. There is certainly more to moving country than just the finances, though they should of course be a consideration.

I find your comment about 'returning to normal' interesting. The notion of 'normal has often been bandied around, but what is normal? Is there such a thing as normal where currency values are concerned? Certainly there are past trends, but should they be used as a basis for future predictions? It started me wondering how do we know that this isn't going to be the new normal, certainly for the next couple of years. Maybe this is a correction that could lead to a permanent re-alignment of the value of the pond and the Australian dollar respectively.


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Old Sep 27th 2009, 11:08 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by Swerv-o
There certainly is. What I find odd is that there is a peculiar sense of entitlement floating around - that some folks almost feel that they deserve to have a better exchange rate because they are doing Australia a favour in moving here, and that the Australian Government should be doing something more to help them, and because they are not it's all the government's fault.

Comments like 'Australia can wait for me now' etc betray a certain bitterness I think. After all, there are many skilled people in countries where the quality of living is far below that of the (even recession dogged) UK who would be more than happy to just come here, irrespective of the exchange rate.

As the number of migrants from the UK falls off, we will start to see an increase in the numbers moving from those countries - India in particular. Frankly, I don't think that Australia cares where they come from, providing they have the requisite skills to add value and growth to the economy.


S
Certainly for me I wouldn't consider it to be a sense of entitlement but rather a sense of balancing things strategically so that we obtain the most from our hard-earned assets. It has to be borne in mind that there are tremendous risks involved in relocating to the other side of the world so if you accept a 30% reduction in your asset value it wouldn't represent a good start. It's low risk if you are a young adult with little or no money but if you are middle aged and have a large sum to transfer then the potential negative impact is enormous.

Saying "Australia can wait for me now" can be perceived by some as betraying bitterness but for me when I said that it was more out of a sense of relief that my wife and I had taken the decision delay our move.

Other posters on BE have been helpful in dampening our otherwise unrealistic expectations of Australia causing us to stand back and take a long hard look. And the extended wait towards the end for our visas turned out to be a blessing in disguise for my family because it provided us with the extra time that we needed to consider and discuss everything.

I have little doubt that we'll eventually move to Australia because the future is definately going to be brighter there for at least the next couple of generations. For us all we need to work out is the timing relative to our priorities and the wisest way to preserve what we have.
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Old Sep 27th 2009, 11:18 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by paulry
Certainly for me I wouldn't consider it to be a sense of entitlement but rather a sense of balancing things strategically so that we obtain the most from our hard-earned assets. It has to be borne in mind that there are tremendous risks involved in relocating to the other side of the world so if you accept a 30% reduction in your asset value it wouldn't represent a good start. It's low risk if you are a young adult with little or no money but if you are middle aged and have a large sum to transfer then the potential negative impact is enormous.

Saying "Australia can wait for me now" can be perceived by some as betraying bitterness but for me when I said that it was more out of a sense of relief that my wife and I had taken the decision delay our move.

Other posters on BE have been helpful in dampening our otherwise unrealistic expectations of Australia causing us to stand back and take a long hard look. And the extended wait towards the end for our visas turned out to be a blessing in disguise for my family because it provided us with the extra time that we needed to consider and discuss everything.

I have little doubt that we'll eventually move to Australia because the future is definately going to be brighter there for at least the next couple of generations. For us all we need to work out is the timing relative to our priorities and the wisest way to preserve what we have.
im not sure about the next couple of generations ,we thought about all that when we moved here 20 years ago . One of lads has gone back to europe because australia is ''boring '' ,his words not mine . Its over priced housing wise and the kids cant get on the ladder .
Much the same as the uk really but i think youll find a fair amount of the youth would love the chance of another passport so thay can spend extended perods out of australia .
They may come back in their 30s and settle down for 20 or so years and then see the whole cycle repeat itself ,then you get to my age [48] who is neither young or old and raised a family and has seen a fair amount of australia teboot and you think ,is this it am i just going to work a bit more then buy a caravan and drop off the nullabor like all the rest of the grey nomads . Nahhhhhhh not me im off back to europe where they know how to live .
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Old Sep 27th 2009, 11:30 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by Swerv-o
Comments like 'Australia can wait for me now' etc betray a certain bitterness I think.
Which for a lot of people is understandable surely, particularly if you are bringing a fair amount of £ with you, £ which will be supporting the Oz economy? If you've made all your plans, your expectations of what type of house you can afford, what size of mortgage you will need, how much you will need to earn to support that mortgage, etc, etc, based on a realistic exchange rate at the time you are making your plans, then the world economy changes through no fault of your own, then the Australian Government moves the visa system goalposts AFTER you have applied so you are stuck in limbo for months if not years, then I reckon you are more than justified to be frustrated, maybe even bitter. I really sympathise with people in that situation.

<rant mode on > I have a mate, a chippie with his own business employing several staff, who applied for a 175 visa probably two years ago now, maybe six months after we applied for a 136 visa and got it in 70 days, even without front loading. He stopped taking on new contracts because he didn't expect to be around to fulfil them and didn't want to let people down and now he is up sh*t creek with no work and no visa - and a fair amount of bitterness. He's given up on his plans to move as one of his kids is about to turn 18 and probably won't be dependent when the visa is granted and both the kids are old enough to make their own decisions - which they weren't when he applied. None of this is directly related to the exchange rate, but that's yet another factor to deter good, successful, hardworking people from emigrating because it seems that Oz is no longer prepared to give everyone "a fair go". <rant mode off>

I can't say all this affects me personally greatly - yet - because our plans to move were always long term, but I have to say the moving of the immigration goalposts has made me wonder if I want to live in a society that thinks it is OK to play with people's lives this way.
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Old Sep 27th 2009, 11:36 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by king kong
im not sure about the next couple of generations ,we thought about all that when we moved here 20 years ago . One of lads has gone back to europe because australia is ''boring '' ,his words not mine . Its over priced housing wise and the kids cant get on the ladder .
Much the same as the uk really but i think youll find a fair amount of the youth would love the chance of another passport so thay can spend extended perods out of australia .
They may come back in their 30s and settle down for 20 or so years and then see the whole cycle repeat itself ,then you get to my age [48] who is neither young or old and raised a family and has seen a fair amount of australia teboot and you think ,is this it am i just going to work a bit more then buy a caravan and drop off the nullabor like all the rest of the grey nomads . Nahhhhhhh not me im off back to europe where they know how to live .
That sort of happened to me really. My folks emigrated to South Africa nearly 30 years ago. I found my way back to the UK and am now repeating the cycle - but this time to Australia.

Our main medium term priority at this stage is to give the kids the best education we can and secure them Aussie passports. After that I don't mind too much what happens provided they are happy and prosper.

Becoming a grey nomad later on appeals to me and (for the moment at least) my wife also likes the idea. We are both adamant that we're not going to grow old here. In fact so adamant that we've also bought a plot of land on the South African west coast as a plan B.
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Old Sep 27th 2009, 11:38 am
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Default Re: 1.93's A$ to the Pound!!!

Originally Posted by Swerv-o
That's good that you're still intending to come. There is certainly more to moving country than just the finances, though they should of course be a consideration.

I find your comment about 'returning to normal' interesting. The notion of 'normal has often been bandied around, but what is normal? Is there such a thing as normal where currency values are concerned? Certainly there are past trends, but should they be used as a basis for future predictions? It started me wondering how do we know that this isn't going to be the new normal, certainly for the next couple of years. Maybe this is a correction that could lead to a permanent re-alignment of the value of the pond and the Australian dollar respectively.


S
Perhaps the exchange rate will see an influx of unhappy brits returning to the UK....although I haven't been keeping a close watch on the UK economy, I do know that house prices in the UK have dropped, that there are low interest rates in the UK and the current exchange rate would prove an added bonus to anyone who's been waiting for the right time to return.
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