Aussie Dollar continues to fall - £1 buys $1.66
Jun 13th 2013, 8:45 am
#16
Lost in BE Cyberspace
Joined: Nov 2003
Location: Scotland
Posts: 7,949
Re: Aussie Dollar continues to fall - £1 buys $1.66
"The closely-watched British jobs figure saw the Pound well supported in the global currency markets, sending the Pound to euro exchange rate (currency : GBP EUR) up to as high as 1.1805 earlier. However, Sterling struggled to assert itself against the high-yielders as world share markets traded into positive territory following yesterday’s poor showing. The ‘risk on’ trading environment saw the Pound to Australian Dollar exchange rate drop back into the 1.6300s, while the Pound to New Zealand Dollar exchange rate (currency : GBP NZD) also pulled back from yesterday’s near-term highs to briefly change hands in the 1.9400s."
Jun 13th 2013, 9:43 am
#17
snɐןɔ ʎʇıuɐs
Joined: Nov 2006
Posts: 6,558
Re: Aussie Dollar continues to fall - £1 buys $1.66
Originally Posted by OzTennis
"The closely-watched British jobs figure saw the Pound well supported in the global currency markets, sending the Pound to euro exchange rate (currency : GBP EUR) up to as high as 1.1805 earlier. However, Sterling struggled to assert itself against the high-yielders as world share markets traded into positive territory following yesterday’s poor showing. The ‘risk on’ trading environment saw the Pound to Australian Dollar exchange rate drop back into the 1.6300s, while the Pound to New Zealand Dollar exchange rate (currency : GBP NZD) also pulled back from yesterday’s near-term highs to briefly change hands in the 1.9400s."
What I have noticed is that the £:A$ rate rises in the morning Australia time, then falls back when London/Europe wakes up. To me that suggests that Australian traders think that Australia is going to suffer (because they see the economy weakening) and are selling as a result; but the EU traders think roughly the same about the EU and sell in their turn. Only the US traders seem to have a positive outlook.
As such, the AU and EU traders are probably going to be right, and things are going to generally turn downwards for the global economies - its just a matter of when they all get around to singing from the same hymn sheet.
Jun 13th 2013, 11:33 am
#18
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 13,949
Re: Aussie Dollar continues to fall - £1 buys $1.66
Originally Posted by GarryP
Or otherwise known as a financial journalist adds nothing of value, whilst just reporting what has already happened yesterday.
What I have noticed is that the £:A$ rate rises in the morning Australia time, then falls back when London/Europe wakes up. To me that suggests that Australian traders think that Australia is going to suffer (because they see the economy weakening) and are selling as a result; but the EU traders think roughly the same about the EU and sell in their turn. Only the US traders seem to have a positive outlook.
As such, the AU and EU traders are probably going to be right, and things are going to generally turn downwards for the global economies - its just a matter of when they all get around to singing from the same hymn sheet.
What I have noticed is that the £:A$ rate rises in the morning Australia time, then falls back when London/Europe wakes up. To me that suggests that Australian traders think that Australia is going to suffer (because they see the economy weakening) and are selling as a result; but the EU traders think roughly the same about the EU and sell in their turn. Only the US traders seem to have a positive outlook.
As such, the AU and EU traders are probably going to be right, and things are going to generally turn downwards for the global economies - its just a matter of when they all get around to singing from the same hymn sheet.
Jun 13th 2013, 11:51 am
#19
Daffyd Duck
Joined: Jul 2008
Location: Paradise
Posts: 5,636
Re: Aussie Dollar continues to fall - £1 buys $1.66
Originally Posted by GarryP
Or otherwise known as a financial journalist adds nothing of value, whilst just reporting what has already happened yesterday.
What I have noticed is that the £:A$ rate rises in the morning Australia time, then falls back when London/Europe wakes up. To me that suggests that Australian traders think that Australia is going to suffer (because they see the economy weakening) and are selling as a result; but the EU traders think roughly the same about the EU and sell in their turn. Only the US traders seem to have a positive outlook.
As such, the AU and EU traders are probably going to be right, and things are going to generally turn downwards for the global economies - its just a matter of when they all get around to singing from the same hymn sheet.
What I have noticed is that the £:A$ rate rises in the morning Australia time, then falls back when London/Europe wakes up. To me that suggests that Australian traders think that Australia is going to suffer (because they see the economy weakening) and are selling as a result; but the EU traders think roughly the same about the EU and sell in their turn. Only the US traders seem to have a positive outlook.
As such, the AU and EU traders are probably going to be right, and things are going to generally turn downwards for the global economies - its just a matter of when they all get around to singing from the same hymn sheet.
their goal is to make profits in their trades! i call FX the Tabloid of Financial Markets.
Jun 14th 2013, 8:16 am
#20
Lost in BE Cyberspace
Joined: Nov 2003
Location: Scotland
Posts: 7,949
Re: Aussie Dollar continues to fall - £1 buys $1.66
Originally Posted by GarryP
Or otherwise known as a financial journalist adds nothing of value, whilst just reporting what has already happened yesterday.
What I have noticed is that the £:A$ rate rises in the morning Australia time, then falls back when London/Europe wakes up. To me that suggests that Australian traders think that Australia is going to suffer (because they see the economy weakening) and are selling as a result; but the EU traders think roughly the same about the EU and sell in their turn. Only the US traders seem to have a positive outlook.
As such, the AU and EU traders are probably going to be right, and things are going to generally turn downwards for the global economies - its just a matter of when they all get around to singing from the same hymn sheet.
What I have noticed is that the £:A$ rate rises in the morning Australia time, then falls back when London/Europe wakes up. To me that suggests that Australian traders think that Australia is going to suffer (because they see the economy weakening) and are selling as a result; but the EU traders think roughly the same about the EU and sell in their turn. Only the US traders seem to have a positive outlook.
As such, the AU and EU traders are probably going to be right, and things are going to generally turn downwards for the global economies - its just a matter of when they all get around to singing from the same hymn sheet.
The dollar appears to have steadied to around $1.63 but markets await the Fed announcements on 18th/19th - the expectation was that quantitative easing was going to be ditched but lately there's doubt about that. Japanese Yen and the Nikkie both having an impact on the main currencies as well.
Jun 14th 2013, 8:27 am
#21
snɐןɔ ʎʇıuɐs
Joined: Nov 2006
Posts: 6,558
Re: Aussie Dollar continues to fall - £1 buys $1.66
Originally Posted by OzTennis
Some markets are open while some markets are closed (time differences and all that); economic news gets delivered during the night in some countries etc, etc; obviously exchange rates are going to vary during the day on the back of that.
The perception of the traders in Australia is different from that of London/EU and again the US.
The Australians think here is going down the toilet.
No, no say the Europeans, we're worse.
Actually its fairly OK say the yanks.
The tug of war between London and Australia on what the correct level should be suggests both think the other hasn't fully costed in how badly off they are. They both think the yanks are wrong.
Anyhow, the recent move from 1.66 to 1.63 seems to be due to the yanks and the predictions for future QE there - coupled with some profit taking.
Jun 14th 2013, 8:42 am
#22
Daffyd Duck
Joined: Jul 2008
Location: Paradise
Posts: 5,636
Re: Aussie Dollar continues to fall - £1 buys $1.66
Is the GBP fx rate directly convertible with AUD? Or you need to cross-fx with USD first?
Jun 14th 2013, 8:44 am
#23
BE Enthusiast
Joined: Jun 2011
Posts: 992
Re: Aussie Dollar continues to fall - £1 buys $1.66
I think it's a direct exchange rate. You do not need to cross fix with the USD.
Jun 15th 2013, 9:04 pm
#24
Forum Regular
Joined: Jun 2006
Posts: 200
Re: Aussie Dollar continues to fall - £1 buys $1.66
I think its too early to say that it's stabilised at this level. It's only been about 4 days of relative calm after months of freefall. I think part of it is the psychological barrier of 60p to the $1A. In the same way that it was banging on 70p for a few weeks but couldn't break through, it may be doing the same now that is was dangerously close to 60p.
These numerical levels should have no effect on rate movement but the traders I know say it does.
I still think the pound with strengthen against the A$ over the next year, and I wouldn't rule out 50p. Another rate cut in oz and election turbulence could see a big swing.
Only time will tell I suppose.
These numerical levels should have no effect on rate movement but the traders I know say it does.
I still think the pound with strengthen against the A$ over the next year, and I wouldn't rule out 50p. Another rate cut in oz and election turbulence could see a big swing.
Only time will tell I suppose.
Jun 15th 2013, 9:46 pm
#25
OnlyLivingBoyInNewCross
Joined: Nov 2008
Location: Brisbane
Posts: 653
Re: Aussie Dollar continues to fall - £1 buys $1.66
-------------WARNING-------------
To anybody thinking of taking any of these posts into consideration when deciding to transfer your life savings. DON'T
To anybody thinking of taking any of these posts into consideration when deciding to transfer your life savings. DON'T
Jun 16th 2013, 3:31 am
#26
Daffyd Duck
Joined: Jul 2008
Location: Paradise
Posts: 5,636
Re: Aussie Dollar continues to fall - £1 buys $1.66
things to remember when considering FX:
> where are your assets and in what currency are they denominated?
> in which currency are you earning your income?
> in which currency are you spending your living expenses?
> why would you consider holding assets / liabilities denominated in another currency of your daily earnings / spending is not in that currency?
> are you a risk taker or risk averse?
> do you think you have any skills in determining the future exchange rates (do you have an accurate crystal ball)?
> what are the risk and returns of holding FX-denominated assets/liabilities? what are the interest rates, tax rates and tolerance for FX and liquidity risks?
some people think they know what the future is instead of looking at the daily basics. that's when they regret with 20/20 hindsight they actually gambled instead of using common sense.
> where are your assets and in what currency are they denominated?
> in which currency are you earning your income?
> in which currency are you spending your living expenses?
> why would you consider holding assets / liabilities denominated in another currency of your daily earnings / spending is not in that currency?
> are you a risk taker or risk averse?
> do you think you have any skills in determining the future exchange rates (do you have an accurate crystal ball)?
> what are the risk and returns of holding FX-denominated assets/liabilities? what are the interest rates, tax rates and tolerance for FX and liquidity risks?
some people think they know what the future is instead of looking at the daily basics. that's when they regret with 20/20 hindsight they actually gambled instead of using common sense.
Jun 17th 2013, 8:22 am
#27
Lost in BE Cyberspace
Joined: Nov 2003
Location: Scotland
Posts: 7,949
Re: Aussie Dollar continues to fall - £1 buys $1.66
Jun 19th 2013, 9:15 pm
#28
Forum Regular
Joined: Jun 2006
Posts: 200
Re: Aussie Dollar continues to fall - £1 buys $1.66
Thats it just gone below 60p.
Jun 19th 2013, 10:23 pm
#29
Daffyd Duck
Joined: Jul 2008
Location: Paradise
Posts: 5,636
Re: Aussie Dollar continues to fall - £1 buys $1.66
Now 92 US cents.
Good thing for the local economy IMO as long as inflation is tame.
Good thing for the local economy IMO as long as inflation is tame.
Jun 19th 2013, 10:34 pm
#30
Forum Regular
Joined: Mar 2013
Posts: 255
Re: Aussie Dollar continues to fall - £1 buys $1.66
Almost back to the 2010 rate.
GBP-AUD rates on this day over the last 5 years.
Jun 19, 2008 2.0719
Jun 19, 2009 2.0507
Jun 19, 2010 1.7054
Jun 19, 2011 1.5232
Jun 19, 2012 1.5520
Jun 19, 2013 1.6490
GBP-AUD rates on this day over the last 5 years.
Jun 19, 2008 2.0719
Jun 19, 2009 2.0507
Jun 19, 2010 1.7054
Jun 19, 2011 1.5232
Jun 19, 2012 1.5520
Jun 19, 2013 1.6490
