marco121068

Not so long ago we were touching 2.70 - now it's dipped below 2.60. Any ideas what's pushing the change? I'd have thought that with rates prob. heading up in the UK then the £ would be getting stronger.

jetsetter

Was wondering the same myself. Tranzfers has my cash and I'm ready to convert to AUD but was hoping for around $2.65.
I noticed the £ has weakend against other currencies too! - Not sure why?

JayDeee

I know absolutely nothing about money but it's probably got something to do with that Navy Boat being stopped in Iranian water the other day and the peopel being arrested.

Look what happened to the USD when the Gulf war started. All these things seem to make a difference to exchange rates.

Kala

OzTennis

It's because I had to change some money yesterday! I checked mid-morning and it was over $2.64, when I phoned the dealer to strike a deal at lunchtime I got $2.6125 and took it because he predicted high $2.50's pronto, seems to be correct in his prediction. When I asked why it had fallen 3 or 4 cents and more likely he thought it was due to 'corporate profit taking' i.e. those who deal in millions rather than thousands taking advantage of the recnt strength of the £/weakness of the $, laws of supply and demand etc. I still think it was because I was doing a trade though! It might have something to do with Wayne Rooney as well.

OzTennis

MikeStanton

Although the reasons for this move may be temporary, there appears to be a more fundamental trend.

One of the big UK high street banks is forecasting the $A : £ exchange rate to be ~2.50 by end-Aug'04.

It forecasts a more rapid depreciation of £ against the $US than that of the $A against the $US. All this is based on the forecast improvements in the US economy - even though the current US economic data ain't so hot!