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Aussie Dollar continues to fall - £1 buys $1.66

Aussie Dollar continues to fall - £1 buys $1.66

Old Jul 6th 2013, 9:00 pm
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by carolinephillips View Post
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.
Ours too!
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Old Jul 6th 2013, 10:25 pm
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

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.[/QUOTE]

It's more about US dollar strength at the moment. The US economy is showing signs of recovery, although it's early days.
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Old Jul 7th 2013, 12:25 am
  #48  
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Oztennis, yes I remember as a 7 yo kid in Newcastle upon Tyne my next door mate and his family migrated to Adelaide and he showed us an Aussie pound note which he proudly proclaimed was actually worth 21 shillings of our money. I was truly impressed that Australian money was clearly more powerful than British money.
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Old Jul 7th 2013, 8:23 am
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by Budawang View Post
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.
It's more about US dollar strength at the moment. The US economy is showing signs of recovery, although it's early days.[/QUOTE]

I did say there are downward pressures for different reasons eg AUD is influenced by Chinese economy, greenback, outlook and performance of Australian economy, what RBA is expected to do and does do with interest rates etc, etc. £stg is more influenced by the outlook in the EC and British growth rates, interest rates, level of quantitiative easing, possible pandemic in EuroZone countries and by what's happening in the US.

The greenback is the world's reserve currency so understandably when things look better there other currencies are affected, depending whether markets think a currency is overvalued or undervalued. When the greenback was ailing gold soared; look at gold now after some recovery in the States. Many observers will say they thought post GFC that the Aussie dollar was around 20% overvalued and it's lost most of that now.
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Old Jul 7th 2013, 8:26 am
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by Mike at Taree View Post
Oztennis, yes I remember as a 7 yo kid in Newcastle upon Tyne my next door mate and his family migrated to Adelaide and he showed us an Aussie pound note which he proudly proclaimed was actually worth 21 shillings of our money. I was truly impressed that Australian money was clearly more powerful than British money.
Yeah, that reminds me to dig out some Aussie dollar notes I still have. It's a sign of inflation when some paper notes are replaced by coins and some coins are withdrawn from circulation. It's daft that prices can still be 99 cents when you can't make up that amount exactly but retailers want it for marketing reasons as 99 cents is of course a lot cheaper in the mind's eye than 100 cents!
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Old Jul 7th 2013, 8:33 am
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

you mean plastic notes?
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Old Jul 7th 2013, 8:35 am
  #52  
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

The AUD is still overvalued IMO. I would be happy to see it below US85c as long as inflation is contained.

Originally Posted by OzTennis View Post
It's more about US dollar strength at the moment. The US economy is showing signs of recovery, although it's early days.
I did say there are downward pressures for different reasons eg AUD is influenced by Chinese economy, greenback, outlook and performance of Australian economy, what RBA is expected to do and does do with interest rates etc, etc. £stg is more influenced by the outlook in the EC and British growth rates, interest rates, level of quantitiative easing, possible pandemic in EuroZone countries and by what's happening in the US.

The greenback is the world's reserve currency so understandably when things look better there other currencies are affected, depending whether markets think a currency is overvalued or undervalued. When the greenback was ailing gold soared; look at gold now after some recovery in the States. Many observers will say they thought post GFC that the Aussie dollar was around 20% overvalued and it's lost most of that now.[/QUOTE]
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Old Jul 7th 2013, 9:14 am
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by commonwealth View Post
you mean plastic notes?
Before the fancy plastic notes there were paper $1 and $2 notes.

http://banknotes.rba.gov.au/redeemingoldnotes.html

QE on old $1!
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Old Jul 7th 2013, 12:01 pm
  #54  
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by OzTennis View Post
Before the fancy plastic notes there were paper $1 and $2 notes.

http://banknotes.rba.gov.au/redeemingoldnotes.html

QE on old $1!
A nice link, and it seems to define parity as $2 to the £, with this info:

For the exchange of pre-decimal banknotes, the conversion to dollars is obtained by multiplying the face value by two.
For example,
a £1 banknote converts to $2;
£5 converts to $10; and
£10 converts to $20.
The only exception to this is the 10 shilling banknote, which converts to $1.


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Old Jul 8th 2013, 6:02 pm
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Typical !!! just when I'm about to visit the UK for the first time in 10 years
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Old Jul 9th 2013, 4:05 am
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Well done Mark Carney who is now talking about devaluing sterling
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Old Jul 9th 2013, 4:14 am
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by fromthetoon View Post
Well done Mark Carney who is now talking about devaluing sterling
Don't blame the Canadian.
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Old Jul 9th 2013, 5:12 am
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by fromthetoon View Post
Well done Mark Carney who is now talking about devaluing sterling
Told yeah.

He's talking down the pound as much as he can by saying the interest rate will be basically non-existent till the next election. The other way of looking at that is that the UK won't recover till past the election, which would be not good news for tory reelection prospects. Expect some 'views' on that from the Treasury.
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Old Jul 9th 2013, 8:26 am
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Originally Posted by fromthetoon View Post
Well done Mark Carney who is now talking about devaluing sterling
A bit pedantic I admit but governments and central banks no longer devalue and appreciate their own currency as in a system of fixed exchange rates. There have been floating exchange rates for most world currencies since 1973 so all governments/central banks can do is try to influence their exchange rate through their monetary and fiscal policy.

Carney, like King before, is trying to 'talk down' the pound (lower interest rates and say they will stay there), printing more money and putting it into the system through the banks and so on. They are trying to stimulate growth, lending and demand for exports in this way.
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Old Jul 9th 2013, 8:30 am
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Default Re: Aussie Dollar continues to fall - £1 buys $1.66

Off topic, but did you know that Australia is the very last country of Ye Old Empire that still sticks to the coin sizes standardised around 1840 something in Victorian times?
Before then the shillings, Pennies, sixpences etc tended to vary a lot, especially the copper coins so it all got standardised throughout the Empire.

So our 20 cent, 10 cent and 5 cent coins are exactly the same size as the old two bob, one bob and tanner coins.
Edit: as they were in the UK and NZ until they downsized their coins.

In the late 19th Century the two bob was renamed the Florin - and stayed so on Australian two bobs up till decimalisation. The idea was that Sterling would go decimal with ten pence to the Florin and ten florins to the pound.

A few decimal proof pennies were minted but apparently stolen by the postman on their way to Queen Vic for approval, then the 1890s recession hit and the idea was put on the back burner for decades. However that's why the Florin name was adopted.

Last edited by Mike at Taree; Jul 9th 2013 at 8:35 am.
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