historical stability is in the 2.4 to 2.5 range for much of the last 10 years, that would do me fine - but 2.6 would still be nice!!!

£ definately rallying now, looking to break 2.2 tonight, this sets things up well for a nice spike next week with the right interest rate cut in Oz!

you really can't base anything on the last 10 years though.

The UK is heading for a deep recession, with a heavily devalued currency.

I have property in the UK, so i'm not sitting here laughing at the situation, my house is losing value hand over fist as a result.

But i think if you are to look at history as a guide, 12 months is a long time in the current climate


Stu

Have to agree with you Stu (although I wish the rate would spike too!)

I own a flat over here and will be moving to Australia in just under 3 months but will still earn my income in £££!

I think 2.2 is pretty realistic as a long term rate... most economists seem to think the £ has been over-valued for some time and now has slightly overshot on the underside. I too hope for 2.5 or more but but I'm doing my sums on 2.2 hoping it doesn't plummet to 1.80 ($%£!)

UK is on of the major epicentres of this global downturn. Australia's issues are more simple: too much private debt, unsustainably high house prices and the end of the resources boom...

Australia doesn't have a government hugely in debt, a broken banking system (yet!) with liabilities 40x GDP (YIKES!)

I think Britain will be okay once we get our priorities right again but it'll be a long haul.

Having said all that, Australia will feel the brunt of it beyond mining and finance once money from these sectors stops trickling into the wider economy - so when this takes effect I think the dollar may weaker still further....

As for the rate AU cut, there has been so much hype over it (especially since the big drop in the headline inflation rate that it's most likely being priced into the market as we speak (ie, the run over the past 4 days).

That's my 2 pennies worth.

Next week, you can all laugh at me when I'm proved wrong!!

Stu, you're absolutely right.

I certainly don't think 2.69 $ to the £ is realistic to wait for, my personal "target" is for the dollar to reach 2.35 - thats the point at which I won't wait any longer and I'll fix my transfer rate with Hifx.

I'm happy to accept it might not reach that target before March which is when I need to transfer my money.

I think the way the exchange rate is rising & falling in the space of weeks at the moment is making us feel that anything could happen. But realism is a must, too.

Sounds pretty realistic to me - that would be about what I'm hoping for too...

The key is not to kick yourself if it goes way beyond that after you've locked it in - anything's better than $2.03 eh!?!

I think you'll be getting near 2.35 next week after the interest announcement, then its a toss the coin gamble depemding what the bank of england do 2 days later. Either the £ will continue to strengthen or it will re-adjust and lose some of the recent recovery.

You may get to 2.3 today with the strength of the current recovery wave but personally I would wait for reaction after the reserve banks announcement!

As I type it's heading towards 2.24!!!

This all comes down to when people are going to Oz and when they need their money, I have nearly a year to go and are therefore happy to wait for a spike and sure there will be some, some many things happening aroud the financial world that there will be spikes. Uncertainty breeds certainty if that makes sense!?

what day is the australian interest announcement? need to transfer and am away on holiday until next wednesday.... got to make a decision 5K or 10K today or wait until next week

think they are 3rd and then ours on 5th

i wouldn't mind a return to the september 2001 rates (over $3.00)

Thanks for those dates, I knew the Ozzie interest rate cut was imminent but wasn't sure of exactly when it would be - I'm waiting until the 3rd and will see what the rate does - if I can still breathe by then!!

Thanks for the dates, might be worth changing just 5k today. I'll be back for our change but not for theirs. Do you think it is more likely to change on theirs or after ours is announced? I know nobody knows for sure, but I'm such a novice at this exchange rate business, although getting practice as we speak

Who would you guys recomend to use for moving the money, we were with ANZ in London but something has happened with them and they are sending our money back to us... Bit strange!!!

Ideally I'd like one we can set a rate with and they'll just sort it out (can you tell I'm a bit lazy?).

Most people here go with ozforez or moneycorp. With Ozforex everything is online once your application is complete. You press the deal button when you are happy and transfer the money to their UK account.

ozforex or ukforex

Get ready to buy dollars spike brewing!

2.23 right now. No improvement in the rate since the 1% rate cut announced by the RBA today. You would have expected it to happen as soon as the market opened if it was going to ?
Maybe it was already priced in by the market considering the certainty of the announcement in the run up ?