cagandchris

Anyone know why the exchange rate is sliding down below 2.4????
We need to exchange money late March and are getting more and more nervous!

Help!!!!!!!!!!:scared:

Ian12

You can get some free advice from a companycalled HIFX. Try their website at www.hifx.co.uk They also allow you to do forward trades. They will explain how this works - too complicated for me to attempt it here. I have used them several time to move money across to Australia and they have always been very efficient. Good luck - I am also needing to bring enough across to put towards a home but have been delaying until the rate improves. I will get better - but who knows when.

Jimbo9

The Australian dollar rose after employment data massively overshot expectations. Australia created a net 44,500 new jobs in January, against forecasts of just 5,000, while unemployment remained at a 28-year low of 5.1 per cent. The data came just days after the Reserve Bank of Australia, citing a lack of spare capacity, said: “The likelihood of further monetary policy tightening being required in the months ahead had increased.�

“The report has landed firmly in the 'hawks' camp. Such news is a yield-seekers delight with Aussie rates already enjoying a 275-basis point premium over comparable US rates,� said Neil Mellor, currency strategist at Bank of New York

“The data reinforced recent media speculation that the RBA will increase rates soon,� said Tim Fox, head of market strategy at National Australia Bank.

As a result the Australian unit firmed 1.5 per cent to $0.7827 against its US namesake and 1.4 per cent to Y82.64 against the yen.