Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

Aussie Dollar continues to fall - £1 buys $1.66

Aussie Dollar continues to fall - £1 buys $1.66

Old Jun 20th 2013, 3:51 am
  #31  
Lost in BE Cyberspace
 
Joined: Apr 2004
Posts: 10,375
jad n rich has a reputation beyond reputejad n rich has a reputation beyond reputejad n rich has a reputation beyond reputejad n rich has a reputation beyond reputejad n rich has a reputation beyond reputejad n rich has a reputation beyond reputejad n rich has a reputation beyond reputejad n rich has a reputation beyond reputejad n rich has a reputation beyond reputejad n rich has a reputation beyond reputejad n rich has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

And then...

http://www.theaustralian.com.au/busi...-1226666114853
jad n rich is offline  
Old Jun 20th 2013, 6:07 am
  #32  
Lost in BE Cyberspace
 
Alfresco's Avatar
 
Joined: Jan 2009
Posts: 20,814
Alfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by ABCD...... View Post
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
Alfresco is offline  
Old Jun 20th 2013, 10:28 am
  #33  
Daffyd Duck
 
commonwealth's Avatar
 
Joined: Jul 2008
Location: Paradise
Posts: 5,636
commonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond reputecommonwealth has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

It had been previously estimated that a 9% fall in the Australian dollar had the same impact on the economy as a 1% cut to the RBA rate.
commonwealth is offline  
Old Jun 20th 2013, 12:23 pm
  #34  
BE Forum Addict
 
Joined: Jun 2008
Location: Abu Dhabi by body and Sydney by soul
Posts: 1,841
al dente has a reputation beyond reputeal dente has a reputation beyond reputeal dente has a reputation beyond reputeal dente has a reputation beyond reputeal dente has a reputation beyond reputeal dente has a reputation beyond reputeal dente has a reputation beyond reputeal dente has a reputation beyond reputeal dente has a reputation beyond reputeal dente has a reputation beyond reputeal dente has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

We live overseas and our friends who are strapped for cash are coming over to europe in two months. Poor buggers, not great timing for them! (It could have come earlier for us, we've just bitten the bullet and sent some money home two months ago.)
al dente is offline  
Old Jul 5th 2013, 7:56 am
  #35  
snɐןɔ ʎʇıuɐs
 
GarryP's Avatar
 
Joined: Nov 2006
Posts: 6,558
GarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

http://www.theaustralian.com.au/busi...-1226674264607

They are predicting US 75c : AU $1 inside 12 months, a shift from their previous prediction of 85c.

That would equate to £1:$2, if the UK:US rate remained stable, although obviously the US $ could rise, not just the AU $ fall.

It would also put the petrol price up to $1.77 for unleaded.
GarryP is offline  
Old Jul 5th 2013, 8:35 am
  #36  
Lost in BE Cyberspace
 
Alfresco's Avatar
 
Joined: Jan 2009
Posts: 20,814
Alfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by GarryP View Post
http://www.theaustralian.com.au/busi...-1226674264607

They are predicting US 75c : AU $1 inside 12 months, a shift from their previous prediction of 85c.

That would equate to £1:$2, if the UK:US rate remained stable, although obviously the US $ could rise, not just the AU $ fall.

It would also put the petrol price up to $1.77 for unleaded.
That would be good right now or soonish.
Alfresco is offline  
Old Jul 5th 2013, 8:39 am
  #37  
MODERATOR
 
old.sparkles's Avatar
 
Joined: Sep 2009
Location: Adelaide
Posts: 28,567
old.sparkles has a reputation beyond reputeold.sparkles has a reputation beyond reputeold.sparkles has a reputation beyond reputeold.sparkles has a reputation beyond reputeold.sparkles has a reputation beyond reputeold.sparkles has a reputation beyond reputeold.sparkles has a reputation beyond reputeold.sparkles has a reputation beyond reputeold.sparkles has a reputation beyond reputeold.sparkles has a reputation beyond reputeold.sparkles has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by Alfresco View Post
That would be good right now or soonish.
would have been better 3 months ago
old.sparkles is offline  
Old Jul 5th 2013, 9:41 am
  #38  
Forum Regular
 
Joined: Jun 2006
Posts: 200
big_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud of
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

The £ got smashed yesterday due to the new saviour at the bank of england. Sounds like this guy will be as useless as Mervin King. In fact, if he ever indicates forward guidance (which sounds possible) then who knows where the £ will end up against the A$. Probably at a level that no-one from the UK could ever move to Oz again!

With the $A taking a beating though it could be a race to the bottom for it and the £.
big_matt is offline  
Old Jul 5th 2013, 10:11 am
  #39  
snɐןɔ ʎʇıuɐs
 
GarryP's Avatar
 
Joined: Nov 2006
Posts: 6,558
GarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond reputeGarryP has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by big_matt View Post
The £ got smashed yesterday due to the new saviour at the bank of england. Sounds like this guy will be as useless as Mervin King.
Nah, as I said earlier in the thread, the new guy's stated plan is to try to push down the value of the pound, so that the value of the government debt falls with it and inflation eats away at it.

In other words, this is to plan.

However, there's a limit to the degree to which he can devalue the currency, and the issues pushing down the AU$ are structural. So it's likely that the fall in the $ will win out (particularly if Rudds honeymoon period ends).

Personally I'd still looking for reality to hit the US$...
GarryP is offline  
Old Jul 5th 2013, 10:16 am
  #40  
Forum Regular
 
Joined: Jun 2006
Posts: 200
big_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud ofbig_matt has much to be proud of
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by GarryP View Post
However, there's a limit to the degree to which he can devalue the currency, and the issues pushing down the AU$ are structural. So it's likely that the fall in the $ will win out .
Good to hear. Maybe we can move back to Oz after all!

I still think Carney announcing forward guidance (if that happened) would really devalue the £ in a hurry though. The Australian issue may be structural, but in that case I think the £ drop would give the A$ drop a good run for its money.
big_matt is offline  
Old Jul 6th 2013, 5:38 am
  #41  
Lost in BE Cyberspace
 
Alfresco's Avatar
 
Joined: Jan 2009
Posts: 20,814
Alfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond reputeAlfresco has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by old.sparkles View Post
would have been better 3 months ago
Alfresco is offline  
Old Jul 6th 2013, 9:00 am
  #42  
Lost in BE Cyberspace
 
OzTennis's Avatar
 
Joined: Nov 2003
Location: Scotland
Posts: 7,949
OzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by GarryP View Post
Nah, as I said earlier in the thread, the new guy's stated plan is to try to push down the value of the pound, so that the value of the government debt falls with it and inflation eats away at it.

In other words, this is to plan.

However, there's a limit to the degree to which he can devalue the currency, and the issues pushing down the AU$ are structural. So it's likely that the fall in the $ will win out (particularly if Rudds honeymoon period ends).

Personally I'd still looking for reality to hit the US$...
No change in policy in other words. King wanted to stimulate growth by quantitative easing, lower pound to in theory boost exports and low interest rates to encourage borrowing. All Carney did was basically say that his 'forward guidance' was that interest rates will continue to remain low and quantitative easing would continue. At the same time the European Central Bank said they would be doing the same thing and stockmarkets soared and the pound fell initially.
OzTennis is offline  
Old Jul 6th 2013, 10:37 am
  #43  
BE Enthusiast
 
Mike at Taree's Avatar
 
Joined: Jul 2013
Location: Old Bar Beach, NSW near Taree
Posts: 372
Mike at Taree is a splendid one to beholdMike at Taree is a splendid one to beholdMike at Taree is a splendid one to beholdMike at Taree is a splendid one to beholdMike at Taree is a splendid one to beholdMike at Taree is a splendid one to beholdMike at Taree is a splendid one to beholdMike at Taree is a splendid one to beholdMike at Taree is a splendid one to beholdMike at Taree is a splendid one to beholdMike at Taree is a splendid one to behold
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

To put things into a historical framework;

As an old fart I actually remember when AUS and UK were both on the pound.

When Australia went to "dismal currency" along with South Africa and New Zealand it was decided that the pound was a very cumbersome unit as it was far too large for anything practical on a day to day basis as most stuff cost two bob or less. I expect a pound would buy you a Mars Bar nowadays if you are lucky.

So AUS NZ and S.A. decided to cut the pound in half and go for the ten bob unit as their currency. It was going to be called "the Royal" in AUS but that got squashed quickly. S.A. went with The Rand and we and the kiwis got the boooring dollar.

Thus. Nowadays if the Pound and Dollar were at what you might call "parity" then it would be a pound to two bux.

When I last went to the UK in 2000 the Aus dollar was a third of a pound that was painful. Now it's the other way. I would expect that in a year or two the ratio will maybe have settled down perhaps to around 2:1 in which case we are at "parity".
Mike at Taree is offline  
Old Jul 6th 2013, 12:35 pm
  #44  
Lost in BE Cyberspace
 
carolinephillips's Avatar
 
Joined: Mar 2008
Location: Sydney, NSW
Posts: 7,580
carolinephillips has a reputation beyond reputecarolinephillips has a reputation beyond reputecarolinephillips has a reputation beyond reputecarolinephillips has a reputation beyond reputecarolinephillips has a reputation beyond reputecarolinephillips has a reputation beyond reputecarolinephillips has a reputation beyond reputecarolinephillips has a reputation beyond reputecarolinephillips has a reputation beyond reputecarolinephillips has a reputation beyond reputecarolinephillips has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

I am keeping my fingers crossed that the Aus dollar falls against the pound for about another month- dad's house should finally complete next week, so I'm hoping to transfer over about $50k when it has been divvied up and all the bills settled.
carolinephillips is offline  
Old Jul 6th 2013, 4:54 pm
  #45  
Lost in BE Cyberspace
 
OzTennis's Avatar
 
Joined: Nov 2003
Location: Scotland
Posts: 7,949
OzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond reputeOzTennis has a reputation beyond repute
Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by Mike at Taree View Post
To put things into a historical framework;

As an old fart I actually remember when AUS and UK were both on the pound.

When Australia went to "dismal currency" along with South Africa and New Zealand it was decided that the pound was a very cumbersome unit as it was far too large for anything practical on a day to day basis as most stuff cost two bob or less. I expect a pound would buy you a Mars Bar nowadays if you are lucky.

So AUS NZ and S.A. decided to cut the pound in half and go for the ten bob unit as their currency. It was going to be called "the Royal" in AUS but that got squashed quickly. S.A. went with The Rand and we and the kiwis got the boooring dollar.

Thus. Nowadays if the Pound and Dollar were at what you might call "parity" then it would be a pound to two bux.

When I last went to the UK in 2000 the Aus dollar was a third of a pound that was painful. Now it's the other way. I would expect that in a year or two the ratio will maybe have settled down perhaps to around 2:1 in which case we are at "parity".
I too remember decimalisation and 'the 14th February 1966' to the tune of Click goes the Shears.

If you want to be pedantic it should have been $2.40 to £1 because of course 12 pence in a shilling times 20 shillings equals 240 pence to the pound. The government at the time wanted the Aussie dollar to be more valuable than the greenback so didn't opt for this, choosing 200 cents to the pound or $2 equals £1.

In my view it's meaningless to speak of 'parity' for exchange rates as though it was like par in golf and a standard for evermore. Exchange rates as we know are all over the place historically. I don't mind regarding 100 Aussie cents being equal to 100 US cents being called parity but it doesn't mean that's normal or fair or whatever.

I can remember changing dollars for £'s in 1980 and getting $1.33 = £1; I can remember changing £'s into dollars in 2001 at the rate of $3.02 = £1 and I can remember the $1.45 = £1 of 3 months ago. In this forum I've seen $2.50 and $2.00 regarded as parity or the 'true' state of affairs.

At the moment there are downward pressures on both the £ and the AUD for different reasons. How the rate will go in the future is open to much conjecture and influences that will pan out in time.
OzTennis is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell or Share My Personal Information -

Copyright © 2023 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.