Dear Sarah,
My inlaws just moved back to Australia after 5 years here today. They exchanged last monday at 2.38 at the recommendation of the exchange companies. When they called later in the week to find out what happened with the dramatic increase - they were told that it was the result of the US stock market crash. Lots of people quickly got out of the stock market and invested in currency. The last time the Australian dollar had changed so quickly was whent he US stock market crashed in 1987. Thus iit seems affected in that way. The exchange company seemed to indicate watching the US market was a good idea but it was so unpredictable that biting the bullet and making the transfer fairly soon is probably better as it may stabilize and drop. Now bearing in mind that my in-laws lost at least £20,000
you may have to make the transfer and refuse to look at the exchange rate for the next 2 months so as not to depress yourselves. I wish my inlaws would stop looking...!
Liz