Is GBP gaining or going in a hole against AUD?
Nov 9th 2014, 4:27 am
#31
Lost in BE Cyberspace
Joined: Mar 2003
Posts: 9,397
Re: Is GBP gaining or going in a hole against AUD?
Yeah, watching the news has been quite entertaining over the years. How many times have we heard silly stories about the Euro's demise? 100...200+ times during this time? Has it happened? Nope. Pure media hype aimed at drumming up sensationalist stories, nothing more...
Europe is a common market, just like the US. Politics has less influence over this than economics. Yes, economies can vary, but they vary in exactly the same way over in the US as each state is different. You have industry here, farming elsewhere, what's good for Idaho or Nebraska does not have to be good for California. Same in Europe. In the US they set the interest rate that's best for everyone overall and that's it. They do the same in Europe except that we'll always get the constant bickering of child-like politicians when a common decision is made that isn't exactly what they personally wanted.
The PIIGS nations didn't suffer because there is something inherently wrong about the Euro. In fact the only reason they got in trouble was due to the strong benefits in becoming part of the single currency. Upon joining the Euro the PIIGS nations were first and foremost free of the great ball and chain in the form of super-high interest rates that stifled their ability to borrow over their heads to spend yet more than they could afford. Joining the Euro opened up new doors and offered cheap access to yet more funding. Many of those nations, especially those with politicians too lazy to reform, preferred to pretend that things will sort themselves out somehow and that in the meantime they should just keep spending more and worry about the debt later. Of course this was going to spell trouble...
But is it the Euro's fault? Give someone a credit card, make the rate the lowest on the market by far, and if someone then goes out and overspends then it's the card issuer's fault even though they provided the most fair conditions out there? In my view if you overspend you only have yourself to blame and anything else is pure scapegoating...
Europe is a common market, just like the US. Politics has less influence over this than economics. Yes, economies can vary, but they vary in exactly the same way over in the US as each state is different. You have industry here, farming elsewhere, what's good for Idaho or Nebraska does not have to be good for California. Same in Europe. In the US they set the interest rate that's best for everyone overall and that's it. They do the same in Europe except that we'll always get the constant bickering of child-like politicians when a common decision is made that isn't exactly what they personally wanted.
The PIIGS nations didn't suffer because there is something inherently wrong about the Euro. In fact the only reason they got in trouble was due to the strong benefits in becoming part of the single currency. Upon joining the Euro the PIIGS nations were first and foremost free of the great ball and chain in the form of super-high interest rates that stifled their ability to borrow over their heads to spend yet more than they could afford. Joining the Euro opened up new doors and offered cheap access to yet more funding. Many of those nations, especially those with politicians too lazy to reform, preferred to pretend that things will sort themselves out somehow and that in the meantime they should just keep spending more and worry about the debt later. Of course this was going to spell trouble...
But is it the Euro's fault? Give someone a credit card, make the rate the lowest on the market by far, and if someone then goes out and overspends then it's the card issuer's fault even though they provided the most fair conditions out there? In my view if you overspend you only have yourself to blame and anything else is pure scapegoating...
Do you have the faintest idea how the EU is run? How the political objective trumps the economics? And therefore the Euro?
The ruling class in the EU are quite prepared to destroy the Club Med countries in the interest of the Grand Project, even though increasing numbers of countries' banks are wising up - the Bundesbank being only one.
The € was always a political thing - no-one in their right mind could believe that many countries with totally different economies and financial ethics could hold a single currency up by its bootstraps indefinitely.
.
Nov 10th 2014, 10:14 am
#32
Last resort... format c:/
Joined: Mar 2012
Location: Singapore to Surfers Paradise to... Tenerife... to Gran Canaria!
Posts: 1,626
Re: Is GBP gaining or going in a hole against AUD?
We might get Tikka Masala, but in reality there is very little of the other cultures that's wanted, and quite a lot that's not. And on the immigrants' side, if they are coming to a country, it should be to be part of that country, not just economics.
And how does that play with the EU? Well the idea that you can take someone from Albania...
...
In short, a common market doesn't really lead to border-free work - it's instead part of a "United States of Europe" idea that doesn't really make much sense (given the cultural difference) - and so is probably well past it's sell-by date as a dead ideology.
And how does that play with the EU? Well the idea that you can take someone from Albania...
...
In short, a common market doesn't really lead to border-free work - it's instead part of a "United States of Europe" idea that doesn't really make much sense (given the cultural difference) - and so is probably well past it's sell-by date as a dead ideology.
Just look at Australia, home to people from all over Europe. Any problems with immigration, social integration? Nope. Kids go to local schools, out comes a generation of new Aussies. But there are some with others from very different, non-European cultures, where this process doesn't work as well (or not at all). That is the real problem with immigration.
I'm not saying everyone needs to change. I do think that they should accept the way of life in whatever country they choose to relocate to, and not impose their own very different beliefs in their new land. But as for changing, I actually think it's good for people to retain their cultural identity to a large extent, and you'll see a lot of that in Australia too with those with roots in countries like Italy, Malta or Croatia.
Economics/job offers is by far the #1 reason people move though. Why do you think there are hordes of British and other expats in Singapore? Economics is the ONLY reason you actually get to move because your only way into here is... an employment pass. That's what every country in the world wants: proper people who come to work and contribute to the economy. What they don't want is those who come to abuse the benefits system. Just ask Norwegians what they think of some of the people coming over from "across the Mediterranean" just to live off the state...
Nov 10th 2014, 10:51 am
#33
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,139
Re: Is GBP gaining or going in a hole against AUD?
Going back to the OP's original question - we have to transfer 27,500 pounds as a scheduled payment for our offplan flat. Banks are obviously out of the question, we used OzForex last time and were really pleased with them - I think we got AU0.56 last payment.
Tonight, they're offering just over AU0.54c against the GBP, so around $50,766. I'm tempted to fiddle around with the quote over the next couple of days, but really, I think it's a lot of stress for very little gain (or possibly loss). So I'm going to talk to a broker, try to get a slightly better rate, and if not just book the deal.
God knows what the rate will be like in another 6 months?
Tonight, they're offering just over AU0.54c against the GBP, so around $50,766. I'm tempted to fiddle around with the quote over the next couple of days, but really, I think it's a lot of stress for very little gain (or possibly loss). So I'm going to talk to a broker, try to get a slightly better rate, and if not just book the deal.
God knows what the rate will be like in another 6 months?
Nov 10th 2014, 11:36 am
#34
Last resort... format c:/
Joined: Mar 2012
Location: Singapore to Surfers Paradise to... Tenerife... to Gran Canaria!
Posts: 1,626
Re: Is GBP gaining or going in a hole against AUD?
I just checked HSBC GetRate a minute ago and they are offering AUD 1 : GBP 0.5368
Not as good as your current offer of over 0.54 unfortunately... But do check again as these rates have been volatile of late, even in the space of a few hours.
Not as good as your current offer of over 0.54 unfortunately... But do check again as these rates have been volatile of late, even in the space of a few hours.
Nov 10th 2014, 1:04 pm
#35
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,139
Re: Is GBP gaining or going in a hole against AUD?
Yep, they jump around like the proverbial roo. O.5407 at present - the total need to complete our transaction has increased by about AU$100.
Nov 10th 2014, 10:34 pm
#36
Forum Regular
Joined: Mar 2013
Posts: 255
Re: Is GBP gaining or going in a hole against AUD?
GBP 27,500.00 buys AUD 50,165.09 at the moment at Currency Online:
Rate:0.54819 (Inverse 1.82419) NET.
It just moved to A$50,161.43. but now 50,168.75
Rate:0.54819 (Inverse 1.82419) NET.
It just moved to A$50,161.43. but now 50,168.75
Nov 12th 2014, 2:27 pm
#37
Lost in BE Cyberspace
Joined: Nov 2003
Location: Scotland
Posts: 7,949
Re: Is GBP gaining or going in a hole against AUD?
3 news items today on AUD/US$, AUD/YEN and £stg. Low $1.80's looking likely in the short term.
1 "The Australian dollar has rallied back above 87 US cents as the greenback loses ground.
At 06.30am on Wednesday, the local currency was trading at 87.08 US cents, up from 86.27 cents on Tuesday.
The Australian dollar got a boost on Tuesday following the release of a strong business conditions survey.
It got another leg-up overnight as the US dollar weakened."
2 "THE Australian dollar has stayed above 100 Japanese yen after reaching the landmark level for the first time since May last year."
3 "The GBP is squarely in focus on Wednesday the 12th of November with two major events likely to shake markets.
First up is the release of labour market data at 09:30 which gave the British pound a strong nudge higher as it was shown jobs market continues to strengthen and pay packets are rising.
However, the gains in sterling were undone an hour later with the release of the November Quarterly Inflation Report at the Bank of England which showed no signs of an interest rate rise in the near-future."
1 "The Australian dollar has rallied back above 87 US cents as the greenback loses ground.
At 06.30am on Wednesday, the local currency was trading at 87.08 US cents, up from 86.27 cents on Tuesday.
The Australian dollar got a boost on Tuesday following the release of a strong business conditions survey.
It got another leg-up overnight as the US dollar weakened."
2 "THE Australian dollar has stayed above 100 Japanese yen after reaching the landmark level for the first time since May last year."
3 "The GBP is squarely in focus on Wednesday the 12th of November with two major events likely to shake markets.
First up is the release of labour market data at 09:30 which gave the British pound a strong nudge higher as it was shown jobs market continues to strengthen and pay packets are rising.
However, the gains in sterling were undone an hour later with the release of the November Quarterly Inflation Report at the Bank of England which showed no signs of an interest rate rise in the near-future."
Nov 12th 2014, 2:54 pm
#38
Concierge
Joined: Jan 2013
Location: Western Australia
Posts: 21,139
Re: Is GBP gaining or going in a hole against AUD?
I was happy with the deal from OzForex, completed tonight - 0.5462 which was better than the RBA.
I was also happy that I did my own calculations as to the amount due - both the solicitor and the developer were saying it was 1,300 pounds more than it should have been
Nov 12th 2014, 3:22 pm
#39
Forum Regular
Thread Starter
Joined: Nov 2012
Posts: 38
Re: Is GBP gaining or going in a hole against AUD?
It's fascinating to watch the exchange rates jump around, I quite enjoy it!
I was happy with the deal from OzForex, completed tonight - 0.5462 which was better than the RBA.
I was also happy that I did my own calculations as to the amount due - both the solicitor and the developer were saying it was 1,300 pounds more than it should have been
I was happy with the deal from OzForex, completed tonight - 0.5462 which was better than the RBA.
I was also happy that I did my own calculations as to the amount due - both the solicitor and the developer were saying it was 1,300 pounds more than it should have been
Yes I love it as well - especially when I routinely save at least a few hundred dollars/pounds each time.
Check out, "The Cure to Money Transfer Jitters" - I made a little video to help others.
If you have a moment, I would love to know your thoughts and if you can get it to work for you on Ozforex
