Exchange Rate
 

1 GBP now buys you 1.9614641AUD
Is that a records low or what. The inlaws are moving over when they sell it's really going to be a kick in the teeth for them.

Re: Exchange Rate
 

Don't know if its the lowest, but its a depressing thought knowing that we are moving at the beginning of next year and when I was last in Oz it was 288 to the pound.

Re: Exchange Rate
 

Having done a bit of research, there is good news and bad news. The good news is that the current rate isn't the lowest it has been, it was 188.8 to the pound in May 1996(but the way its going this could be beaten). The bad news is the rate was as high as 302.4 in September 2001.

The data I found was only as far back as 1992 so if anyone has further good or bad news, please elaborate.

Re: Exchange Rate
 

The rate you have mentioned is the current inter-bank rate. I contacted Moneycorp today and they will only give 1.928! He reckoned this was a 13 year low!

Re: Exchange Rate
 

Damn it!:frown:

That's really depressing for people like me who needs to send some money to UK every month...

It has been a slow decline for the good old pound...:(

Re: Exchange Rate
 

:confused:

I would have thought that was in your favour

Re: Exchange Rate
 

Oh dear! The sun's getting to me I think...:rofl:

Re: Exchange Rate
 

That's interesting that the pound was very low in May 1996 as I first came to Oz in Feb 1997 I seem to remember getting a pretty good rate and my friends here moaning that the $ was weak.

Trouble is it can change so quickly, you just have to be ready to xchange when it hits a spike.

Blimey if you are sending $ to the UK at the moment you should be laughing!

KK

Re: Exchange Rate
 

Just checked the last transaction done from HIFX. Goodness me!

$1000 almost gets me 500GBP (half) !!

not so long ago I was looking at best 460 odd GBP...:eek:


Can't complain...All I need now is for UK rates to go down...:thumbdown:

Re: Exchange Rate
 

I hate to say it, but I don't think you understand about exchange rate. I will put it in a different way.

YOU CHANGING AUSTRALIAN DOLLARS INTO BRITISH POUND IS BETTER FOR YOU.

:frown:

Re: Exchange Rate
 

...and very nice it is too. I wonder how many Poms out here are changing their retirement plans as we speak. I would be happy to see parity. :)

Conversely, I would assume that these exchange rates are making some people who are trying to move out here reconsider their plans as well.

Some guesstimates I have seen in the last day or so are predicting that rates could hit as low as 1.80.

Re: Exchange Rate
 

Hmm...No, apologies for my unintended overlap in the meaning of rate here... I was merely referring the interest rates in UK, not the exchange rate...

I remember being in a hurry when writing my comments...Possibly because the "Eagle Eyed" boss was hovering...:(

Nevertheless, when talking about the exchange rate, the Aussie dollar is definitely my friend right now... Come on the Aussie dollar:rofl:

I guess for folks back home in UK, I'd say they had it so good for so many years that surely now is the time for parity...

The same applies for Aussie folks who work in the Blighty and who have been sending funds to AU, making a mint or two in the bargain too!

Any chance of interest rates going any lower in UK???

Guess we need remove Gordon blooming Brown first...:thumbdown:

Re: Exchange Rate
 

The same applies for Aussie folks who work in the Blighty and who have been sending funds to AU, making a mint or two in the bargain too!

I have tried, note the above line. I give up.

Re: Exchange Rate
 

I suspect even the investment bankers don't know where it is headed seeing as how their forecasts keep changing on a near daily basis.

Re: Exchange Rate
 

As the BoE rate is currently 0.5% I suspect that there's not much scope for downward movement. I'd be surprised if they set it to zero (although that is not impossible) so I guess a quarter percent is all you could hope for. If that happened I doubt if the banks would wipe more than a quarter of a percent of the mortgage rates.