pickletheplacid

Anyone looking to change GBP to AUD @ the moment. Whats your take on the current rates today. 2.5%
Is this the best we'll get or is there more to come.
Views, comments please.
pickletheplacid.

Rudy

I've just spoken to a senior relationship manager at the Commonwealth bank, he reckons there has been a slight recovery back to 2.5 from 2.4 earlier in the week, and says indications are that the AUD is getting stronger. We are considering forward purchasing AUD now, you can do this without the money available yet if you are waiting for proceeds from a home sale in a few months, with just a letter from your solicitor handling the sale.

I can't see it climbing back to 2.8 myself and I don't want to exchange at 2! :scared:

yvsie

it went as high as 2.8 ish last yr..end of last yr that is...but i think that rate was unusually high.....so dont hold your breath!

damned shame for us...but good for the likes of PB etc!!

Julza

There was an article in the SMH yesterday (Sydney Morning Herald) http://www.smh.com.au/articles/2003/...430283151.html
that said that the sharp drop in the Aussie Dollar was due to an upturn in the global economy and they expected it to drop a little more in the next few weeks before adjusting back up again. So it may be a good time now or in the next week or so. I think if we were ready to transfer our money we would be pretty happy to get 2.5

Cheers

Julza

etlniwd

There will be sharp move in about 15 minutes from now when the BOE MPC make their announcement. Which way it will move though is anyone's guess.

etlniwd

... 15 minutes later


Judging by the drastic fall in sterling in the last few seconds I can only assume it was a cut. Nothing on the news yet though.

etlniwd

.... 5 minutes later still

Yep, a cut to 3.5%

That should put the dollar back in the 2.4s

claireg3

I'm just working everything out on $2 to the £ then when we come to exchange anything more than that will be a bonus. Like previous posts have said I doubt it will hit 2.8 again. You could always exchange some now and hold off the rest until you are ready to go. That way you are only risking part of your money.

PeteY

Thats exactly what we are in the process of doing, changing half now, and the rest later.

The exchange rate is too fickle to forecast....however, looking at the historic rate (2 to 1), its unlikely the rate will ever get much better than what it is now. As i say though.....its VERY unpredictable.

pickletheplacid

It's a real shame the rates where cut. With the AUD correction, we possible could of seen 2.5+ - with the rate now @ 2.48 I'm back to tracking it again. Hopefully the slight AUD slide still has further ground to go and the GBP will settle UP sometime next week.
I'd say whatever happens the next 3 weeks will be critical if you're wanting to make the exchange sometime soon.

pickletheplacid

etlniwd

Which part are you risking, the part that you change now at 2.5 to 1 or the part that you are forced to change later at 2.2 to 1 ?

claireg3

Depending on the exchange rate affects which part of your money you are "risking".

pickletheplacid

That's the whole problem - will it be 2.2, it could go up to 2.6 then the 2.5 you already changed @ will feel pretty painful.

2.6 is a possibility if the economy starts to pick up and funds start pulling out of Aus to invest in the more attractive markets.
US elections coming up so Bush will do his best to make things look all well and dandy.

Roger

Looks like the rate is relatively unaffected by the Bank of Englands intervention. $2.47 to the pound. Much the same as earlier in the week.

Roger

pickletheplacid

I do love to read stuff like this:

http://www.dailyfx.com/main/AUDNZD.pdf