Sterling/Dollar Rates at recent high
Sep 10th 2008, 3:42 am
#1
Australia's Doorman
Thread Starter
Joined: Jan 2005
Location: The Shoalhaven, New South Wales, Australia
Posts: 11,056
Sterling/Dollar Rates at recent high
Got the following email from OzForex - thought it might prove to be of interest to folks.
Just a short note to let you know that the GBP/AUD rate opened today at a 5-month high of 2.1900. In volatile trade this morning, it briefly touched 2.2000. This represents an appreciation of 7.5 per cent compared to just seven weeks ago on July 23, 2008 when it was trading at 2.0470. The recent low was 2.0298 on June 4, 2008. The Australian Dollar has weakened significantly due to a strong U.S. Dollar and an end to the tightening cycle in official interest rates. Last Tuesday, The Reserve Bank of Australia cut interest rates for the first time in 7 years by 25 basis points to 7.00 per cent and has more than hinted at lower rates in a recent statement saying “with domestic demand slowing, the Board’s view is that scope to move towards a less restrictive stance of monetary policy in the period ahead is increasing”. Financial markets have taken the view that further moves down in interest rates are imminent.
The Pound could gain more strength against the Aussie from here but there is significant volatility and renewed weakness cannot be discounted.
If you have been holding off transferring Pounds against the Australian Dollar, you may wish to consider converting funds at these more attractive levels. Please contact us to book a rate or to discuss your requirements.
The Pound could gain more strength against the Aussie from here but there is significant volatility and renewed weakness cannot be discounted.
If you have been holding off transferring Pounds against the Australian Dollar, you may wish to consider converting funds at these more attractive levels. Please contact us to book a rate or to discuss your requirements.
Sep 10th 2008, 5:17 am
#2
Forum Regular
Joined: Feb 2007
Location: Essex - Now on the Sunshine Coast
Posts: 212
Re: Sterling/Dollar Rates at recent high
Thanks..... I've been waiting for the rate to go up 
Sep 10th 2008, 5:25 am
#3
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,814
Re: Sterling/Dollar Rates at recent high
Got the following email from OzForex - thought it might prove to be of interest to folks.
Just a short note to let you know that the GBP/AUD rate opened today at a 5-month high of 2.1900. In volatile trade this morning, it briefly touched 2.2000. This represents an appreciation of 7.5 per cent compared to just seven weeks ago on July 23, 2008 when it was trading at 2.0470. The recent low was 2.0298 on June 4, 2008. The Australian Dollar has weakened significantly due to a strong U.S. Dollar and an end to the tightening cycle in official interest rates. Last Tuesday, The Reserve Bank of Australia cut interest rates for the first time in 7 years by 25 basis points to 7.00 per cent and has more than hinted at lower rates in a recent statement saying “with domestic demand slowing, the Board’s view is that scope to move towards a less restrictive stance of monetary policy in the period ahead is increasing”. Financial markets have taken the view that further moves down in interest rates are imminent.
The Pound could gain more strength against the Aussie from here but there is significant volatility and renewed weakness cannot be discounted.
If you have been holding off transferring Pounds against the Australian Dollar, you may wish to consider converting funds at these more attractive levels. Please contact us to book a rate or to discuss your requirements.
The Pound could gain more strength against the Aussie from here but there is significant volatility and renewed weakness cannot be discounted.
If you have been holding off transferring Pounds against the Australian Dollar, you may wish to consider converting funds at these more attractive levels. Please contact us to book a rate or to discuss your requirements.
Sep 10th 2008, 5:26 am
#4
Extended Member
Joined: Mar 2004
Location: Sydney
Posts: 486
Re: Sterling/Dollar Rates at recent high
Better get in quick before the world ends...Cern Particle Acclerator About to be Switched On
Sep 10th 2008, 6:15 am
#5
BE Enthusiast
Joined: Feb 2006
Location: UK to Sydney Feb 06
Posts: 738
Re: Sterling/Dollar Rates at recent high
I got that email today too... will have to talk it over with DH tonight and see if he wants to bring over our remaining savings or not.
How silly do I feel now?
Sep 10th 2008, 8:30 am
#8
Forum Regular
Joined: Aug 2008
Posts: 78
Re: Sterling/Dollar Rates at recent high
Got the following email from OzForex - thought it might prove to be of interest to folks.
Just a short note to let you know that the GBP/AUD rate opened today at a 5-month high of 2.1900. In volatile trade this morning, it briefly touched 2.2000. This represents an appreciation of 7.5 per cent compared to just seven weeks ago on July 23, 2008 when it was trading at 2.0470. The recent low was 2.0298 on June 4, 2008. The Australian Dollar has weakened significantly due to a strong U.S. Dollar and an end to the tightening cycle in official interest rates. Last Tuesday, The Reserve Bank of Australia cut interest rates for the first time in 7 years by 25 basis points to 7.00 per cent and has more than hinted at lower rates in a recent statement saying “with domestic demand slowing, the Board’s view is that scope to move towards a less restrictive stance of monetary policy in the period ahead is increasing”. Financial markets have taken the view that further moves down in interest rates are imminent.
The Pound could gain more strength against the Aussie from here but there is significant volatility and renewed weakness cannot be discounted.
If you have been holding off transferring Pounds against the Australian Dollar, you may wish to consider converting funds at these more attractive levels. Please contact us to book a rate or to discuss your requirements.
The Pound could gain more strength against the Aussie from here but there is significant volatility and renewed weakness cannot be discounted.
If you have been holding off transferring Pounds against the Australian Dollar, you may wish to consider converting funds at these more attractive levels. Please contact us to book a rate or to discuss your requirements.
In my opinion, the e-mail appears too much like he’s fishing for business.
Mainly I guess because the more people who transfer funds now the more his income stream is protected. I assume the economic downturn and property downturn has meant far fewer people using these types of services with far fewer pounds than in the past.
Having said that, though, the factual content of the e-mail is correct.
The rate is a lot better than recent times, it is volatile and the rate could go back down (as well as up).
If you need to transfer in the short term it is certainly worth some serious consideration. 7.5% is not to be taken lightly – ask someone who transferred their funds 7 weeks ago.
However, I’m still going to “hold-off” myself as I still see 2.2 as being below historical trend level.
Sep 10th 2008, 8:33 am
#9
Account Closed
Joined: Jun 2005
Posts: 9,316
Re: Sterling/Dollar Rates at recent high
2.4 in September is looking almost possible. 
(although I may have to invoke the Julian Calendar)
(although I may have to invoke the Julian Calendar)
