Safin

don't just don't

Still wasn't 2.7 predicted this week by someone recently on here - or another fx thread - can't see how but lets hope they polished their ball before reading that future

BATS666

i've bin polishing my balls too....doesn't seem to be working yet !

Safin

chilliman

Looks like we missed the boat, I shall sit on my hands & see how things pan out over the next 6 months.

Apparently "Financial markets were pricing another 75-basis-point cutn ($AUD) next month and a further quarter-point reduction in early 2009, according to Credit Suisse analysts." ...

MrCro

There is more than one boat at the moment (seems to be one every other week thankfully) so I wouldn't worry unless you desperately need money there this instant!

Having worked in Oz twice before this exchange rate has driven me nuts before. I brought back at about 43.5p to the dollar in Oct last year only to frustratingly watch it go up to nearly 50p! Drives you mad no matter what as I don't seem to be able to stop watching it.

Move with wife next Aug-Sept permenantly so would love to see 2.7+ rate now.

This has got me thinking though should we all be making some money out of this? Lets say had £100,000 equity from house now. Bought $ at 2.6 about 8 days ago and sold in yesterdays low at 2.3 that would be a profit of £13k!!!!

But what about the tax situation? If brought it all back to UK then obviously CGT would be charged on the 13k but what if you left it in Oz account and just brought back the £100k to UK therefore no gain here to tax??

Not sure how Oz tax man would see that when you move there in next year or two?

chilliman

I had an offer of 2.61 a couple of weeks ago, didn't buy as was hanging out for the 2.7. I have £200k equity so could've made a fair bit, could've, shudda, would'a ... ???

MrCro

so easy to say with hindsight I know!

Just checked with Ozforex as rules say no speculative trading but you can keep transferring between your own accounts, they just can't hold a trading fund for you.

Chilli, with £200k just 1p movement in the $ to £ rate would make c£4800!!!!

Scary when you start looking at these figures as recently it has been easy to see a 1p movement most days!

Beats working for a living!

Just makes me wonder about the tax even more now.

chilliman

Yes hindsight is a wonderful thing & if we all had crystal balls we would all be millionaires!!!

Hmmm well if you have a "balance" equity fund & Just keep moving one way then another seems like a good way to earn a bit of money. But only if the rate yo/yo's!!!

I do have my "ducks in a row" & limit order in incase there's another spike!!

lilsweets

Gutted:curse: I was hoping to jump off this wagon today with stacks of $'s in my pocket. Limit order is in, must now try and stop watching the rates, it's driving me crazy.

chilliman

It is totally driving me nuts also, Ive got enough on my plate without this exchange nonsense too - what was Gavbro's comment about "having the nerve to hold out until December". There getting a little freyed now!!

BATS666

unless there is a MAJOR financial shake up again, $2.75 is NOT gonna happen this year !

chilliman

Certainly looks like that, I can wait until June next year if need be!?

MrCro

what's a balance equity fund and where do I get one. A 1p yo yo seems to happen most weeks so I figure we all watch the rates so much why not use the time invested to get some return!?

chilliman

balancing your equity so say £200K, exhange £100K in $AUD at a peak = £100k in Uk, $AUD 230000 at current rates. If rates go up change some more £'s, if go down change some $AUD!??

MrCro

yep Chilliman that makes sense to me.

Sat here watching live chart and it's gone down into the 2.29's now :curse:.

Wish I had this idea on Oct 28th when was 2.6!

Lets hope that interest rate drops here on thursday and will reverse the trend as it seems to have helped the AUD by announcing their 0.75% cut!?