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Exchange rates (again)

Exchange rates (again)

Old Jan 2nd 2008, 3:52 am
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Default Exchange rates (again)

I know no one has a crystal ball, but what are peoples thoughts about where the exchange rate will go??
I (like others) have money to transfer over from UK, and watch the exchange rate several times a day. Just when you think it is going up it then drops again, currently just over 2.24.

I was holding out for 2.35 three weeks or so ago, it made 2.34 then has dropped back. I would happily take 2.30 now.

Anyone have any inside info??
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Old Jan 2nd 2008, 6:27 am
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Default Re: Exchange rates (again)

looks like ozzie interest rates may rise again in the next few months and coupled with more talk about uk rates going down.....i think the exchange rate could get worse. Yesterday the"commonwealth bank "raised its fixed rate by half percent......

Last edited by the plumber; Jan 2nd 2008 at 6:29 am.
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Old Jan 2nd 2008, 6:27 am
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Default Re: Exchange rates (again)

Well the UK interest rates seems to be going down while the Oz one is going up, that would suggest the exchange rate will get worse.
Originally Posted by paulb View Post
I know no one has a crystal ball, but what are peoples thoughts about where the exchange rate will go??
I (like others) have money to transfer over from UK, and watch the exchange rate several times a day. Just when you think it is going up it then drops again, currently just over 2.24.

I was holding out for 2.35 three weeks or so ago, it made 2.34 then has dropped back. I would happily take 2.30 now.

Anyone have any inside info??
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Old Jan 2nd 2008, 9:51 am
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Default Re: Exchange rates (again)

Originally Posted by paulb View Post
I know no one has a crystal ball, but what are peoples thoughts about where the exchange rate will go??
I (like others) have money to transfer over from UK, and watch the exchange rate several times a day. Just when you think it is going up it then drops again, currently just over 2.24.

I was holding out for 2.35 three weeks or so ago, it made 2.34 then has dropped back. I would happily take 2.30 now.

Anyone have any inside info??
you do realize that you could be earning high interest in an Oz account in the meantime.

I transferred a large sum a while back from Holland to Oz, and was earning over $1500 pm in interest while the Dutch account would have earned nothing. At one point I could have earned $15,000 by waiting, 5 days later I would have lost out.

The exchange rate will always be anybodies guess. An online internet account (I think ING pay the best rates at the moment) is a good bet, 6% + at the moment.

just my 2 penneth.
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Old Jan 2nd 2008, 10:04 am
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Default Re: Exchange rates (again)

Originally Posted by paulb View Post
I know no one has a crystal ball, but what are peoples thoughts about where the exchange rate will go??
I (like others) have money to transfer over from UK, and watch the exchange rate several times a day. Just when you think it is going up it then drops again, currently just over 2.24.

I was holding out for 2.35 three weeks or so ago, it made 2.34 then has dropped back. I would happily take 2.30 now.

Anyone have any inside info??
We are also watching the exchange rates as we have some inheritance money to bring over, wish I had changed it now at 2.34, like you I was waiting for 2.35..............oh the benefit of hindsight
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Old Jan 2nd 2008, 12:42 pm
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Default Re: Exchange rates (again)

I am going to change up about £10k into dollars, I will be using Hfix as you can set it up to change the money when it reaches a certain level. What level is everyone waiting for as the rate is very low at the moment. I was thinking of 2.30 to 2.35 dollars to the pound but now think that that is too high. What is everyone else doing…
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Old Jan 2nd 2008, 10:03 pm
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Default Re: Exchange rates (again)

Originally Posted by Shaun&Dee View Post
I am going to change up about £10k into dollars, I will be using Hfix as you can set it up to change the money when it reaches a certain level. What level is everyone waiting for as the rate is very low at the moment. I was thinking of 2.30 to 2.35 dollars to the pound but now think that that is too high. What is everyone else doing…
We were discussing the idea of transferring a small amount, we use Ozforex to transfer ours, can't believe that a few days beore we received the inheritance it was at 2.50!!!!
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Old Jan 2nd 2008, 10:38 pm
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Default Re: Exchange rates (again)

Originally Posted by mand8002 View Post
We were discussing the idea of transferring a small amount, we use Ozforex to transfer ours, can't believe that a few days beore we received the inheritance it was at 2.50!!!!
Not looking pretty today.. Reflecting the downfall in the UK economy ( smart hand over tony B ! )

2.239 now
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Old Jan 2nd 2008, 10:44 pm
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Default Re: Exchange rates (again)

The crystal ball will show that - over the next 6-12 months - £ will continue to drop against the AUD. It's a no-brainer - the Bank of England will continue to drop interest rates to try and bring about a 'soft landing' for the economy. At the same time, due to inflation pressure, Oz interest rates will be increased. Both of these effects will force the £ down against the AUD$. There may be occasional blips to the contrary, but my forecast is for the exchange rate to drop to 2.1-2.2.

And for those thinking of selling their UK house(s) to fund an Oz purchase, the drop in UK house prices will make it even tougher to find affordable Oz housing.

Things are not likely to improve in UK until late 2008. By that time, the Oz economy is likely to be moving into a downturn, due to high interest rates and a reduction in demand from the likes of USA.
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Old Jan 3rd 2008, 2:52 pm
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Default Re: Exchange rates (again)

Originally Posted by MikeStanton View Post
The crystal ball will show that - over the next 6-12 months - £ will continue to drop against the AUD. It's a no-brainer - the Bank of England will continue to drop interest rates to try and bring about a 'soft landing' for the economy. At the same time, due to inflation pressure, Oz interest rates will be increased. Both of these effects will force the £ down against the AUD$. There may be occasional blips to the contrary, but my forecast is for the exchange rate to drop to 2.1-2.2.

And for those thinking of selling their UK house(s) to fund an Oz purchase, the drop in UK house prices will make it even tougher to find affordable Oz housing.

Things are not likely to improve in UK until late 2008. By that time, the Oz economy is likely to be moving into a downturn, due to high interest rates and a reduction in demand from the likes of USA.
What he said....... a very wise post I think! Im going to buy in asap
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Old Jan 3rd 2008, 3:22 pm
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Default Re: Exchange rates (again)

Originally Posted by Speargun View Post
What he said....... a very wise post I think! Im going to buy in asap
Oh well Sh1t happens ! !


Just got to grin and bare it and see what happens ! ! Chin Up Guys ! !
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Old Jan 3rd 2008, 3:29 pm
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Default Re: Exchange rates (again)

This is not a reply to rain on anyone's parade, I'm just extremely thankful for the luck we've had in the last 6 months (house sale, redundancy etc) and that fact we exchanged our money when it was at 2.46, but even this had come down from 2.54 in just two days back in July (I think).

Good luck to all who who are riveted to the exchange rate agents sites, I hope it goes up for you!
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Old Jan 3rd 2008, 5:10 pm
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Default Re: Exchange rates (again)

QUOTE]

Basically i think its a weker US/UK economies versus strong OZ (commodoty led) economy.

Oz dollar expected to stay strong, not as exposed to worldwide credit crunch ?

Locked in at 2-45 but no where near that for forseable future...hmmm

Dave
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Old Jan 4th 2008, 11:52 pm
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Default Re: Exchange rates (again)

Well I took the plunge and exchanged at 2.23, as I thought it was only going to get worse. Its now 2.24 !!
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Old Jan 5th 2008, 12:03 am
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Default Re: Exchange rates (again)

Popped into our local travel agents today and asked them what their exchange rate was and $2 to the £1
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