Aus$

Old Jul 12th 2002, 3:36 pm
  #1  
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Default Aus$

I am about to sell my flat and can't decide whether to take my GBP to Oz now or wait. On one hand I'm told the OZ$ is strengthening and I should take it asap, but then others tell me the £ will get stronger against the $ and I should wait a while if I don't need the money now.

What's the general consensus amoungst you guys?

Thxs
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Old Jul 12th 2002, 3:56 pm
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Default Re: Aus$

i can only tell you our experience. We sold our house last month and changed the money. Sadly we picked a duff moment and ended up getting 2.62, it had briefly dipped to 2.5 ish and we panicked and did it as soon as it regained slightly.
I am well gutted about the rate but what I will say is we get a better exchange rate with the money in $ than £'s and also its done now so there is nothing we can do. Everyday we had terrible butterfly's humming and harring wether today was the day.
Its done now and gaining interest, yes i would have liked 2.8 something but I also think when i visited 2 years ago it was 2.40 so it could have been a heck of a lot worse!

Not much help I know but just my experience!

Good luck xx
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Old Jul 13th 2002, 1:11 am
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Default Re: Aus$

I'd say that A$ correlates well with euro in general, though sometimes euro may rise against US$ and A$ fall, or rise not as quickly, so it looks like A$ has risen against US$ and fallen against euro.

However if foreign exchange is not your usual business, there is a rule of thumb: whatever you choose (convert money now or wait) you will regret it and think that the other way would be better. Pretty encouraging, isn't it?
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Old Jul 13th 2002, 5:13 am
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Default Re: Aus$

Nothing to stop you converting half to AUD now and half later! That way you can laugh with one eye and cry with the other - you'll have converted half brilliantly, half less well, no matter which way AUD/GBP goes.

All the best
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Old Jul 13th 2002, 8:25 am
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Default Re: Aus$

Just keep hitting F5 on http://quotes.ino.com/chart/?s=FOREX_GBPAUD&v=i :-)

We did a forward with moneycorp to Oct at 2.7105 last tues as the rate had been fluctuating a lot in the prevous week. And now, its 2.78.....

Basically, I was told that GBP to AUD is first converted to USD so the more accounting scandals in the US, the better as it lowers the USD against the pound. Also the AUD is "primary industry" based so as people move from equities (shares) into commodities (gold etc) the AUD will strengthen (ie the GBPAUDrate will move downwards towards 2.5 again)

It's all too confusing for a simple mouse so we just took what we thought was good at the time.

Ho hum....
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Old Jul 13th 2002, 10:20 am
  #6  
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Default Re: Aus$

Also remember, like stock markets, it's impossible to predict when things will peek
or bottom out.

For every one person who accidentally picks a peek, there are a million who missed
it. Just accept that you're not going to get the best deal, either pick a time to
convert or a range of rates your happy to wait for and go for it.
 
Old Jul 15th 2002, 2:39 am
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Default Re: Aus$

When you see me (or anyone else posting in this forum) driving a Jag or Rolls, then listen to their advice. Otherwise, close your eyes, hold your breath and make a decision. Or roll a dice. Or flip a coin.

It's that difficult.
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Old Jul 15th 2002, 11:42 pm
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Default Re: Aus$

Looking at the chart. http://www.exchangerate.com/cgi-imag...238&country=15

I would guess (repeat guess) it'll reach 2.85 and then drop back a little before heading for the 3 dollar mark.

Again note - Guess.

Mike.
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Old Jul 16th 2002, 10:20 am
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Default Re: Aus$

In <[email protected]> MikenWendy wrote:
    > Looking at the chart. http://www.exchangerate.com/cgi-images/chart_ imag-
    > e.cgi?hmd=31104000&cu=238&country=15
    >
    > I would guess (repeat guess) it'll reach 2.85 and then drop back a little before
    > heading for the 3 dollar mark.
    >
    > Again note - Guess.

"Guess" - noted. But what pattern do you think you've seen there ?

btw, here's a 5 year graph from yahoo..
http://cchart.yimg.com/5y?gbpaud=x

There are far too many variable to predict what happens next, but looking at that 5
year graph, if you can get AU$2.75 per £1 then I think you've got a good deal. If I
were moving soon, I'd take today's $2.80.
 

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