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What is happening to AUS $ exchange rate???

What is happening to AUS $ exchange rate???

Old Nov 20th 2001, 9:27 am
  #1  
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Are there any economists out there who can give an insight into the movements of the AUS dollar??? I`ve noticed that the rate has dropped in recent weeks from a high of around 2.9 dollars to the £, to today, at around 2.64 dollars to the £.

Presumably if the UK goes into recession next year, the pound will buy less dollars?

What about the Australian economy - what is happening over there at the moment and what is likely to happen in next six months - will this affect the exchange rate? For those of us who are emigrating, and taking all our worldly goods (or rather all our worldly cash) with us, a drop of .25 of a dollar makes a big difference...

any advice on this would be appreciated.
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Old Nov 20th 2001, 10:20 am
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Teri,

Although I'm not an economist I have been watching the Aus $ for a while and have the same worries. I don't think it will ever get back to 3 to 1 - it's now 2.71 (see http://www.xe.com). The £ is overvalued at present against most major currencies, except the US$ and the Yen. I think you can expect a fall against the Aus $ of some 10% over the next few months. The sooner you can change your money the better. Australian economic forecast for next year has been predicted to be the highest of all western countries. Its strength in commodities, especially gold & other metals etc helps it when recession looms. I'm in a similar problem - we are completing our house sale in December, but losing money every day on the exchange rate.

On a brighter note, when you come back to the UK for trips etc you'll find your Aus$ goes a bit further.
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Old Nov 20th 2001, 12:30 pm
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If you are worried about the exchange rate falling why not do a forward contract.You tell a company like moneycorp the quantity you wish to exchange and at what date up to 18 months in advance, you have to give them a 10% deposit but it would stop any worries about the exchange rates crashing.
http://www.moneycorp.co.uk

Steve
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Old Feb 12th 2005, 12:35 pm
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Default Re: What is happening to AUS $ exchange rate???

Originally Posted by Teri M
Are there any economists out there who can give an insight into the movements of the AUS dollar??? I`ve noticed that the rate has dropped in recent weeks from a high of around 2.9 dollars to the £, to today, at around 2.64 dollars to the £.

Presumably if the UK goes into recession next year, the pound will buy less dollars?

What about the Australian economy - what is happening over there at the moment and what is likely to happen in next six months - will this affect the exchange rate? For those of us who are emigrating, and taking all our worldly goods (or rather all our worldly cash) with us, a drop of .25 of a dollar makes a big difference...

any advice on this would be appreciated.
OMG!!!! 2.9!!! Somehow me thinks I should have emigrated years ago! Nice to see some threads always run along the same lines! I wouldn't complain about the 2.64 either!
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Old Feb 12th 2005, 1:55 pm
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Default Re: What is happening to AUS $ exchange rate???

Dunno! But it's playing hell with my UK pension!
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