We'll be ready to change all our hard earned pounds next week. Does anyone have any insight as to what the exchange rate is going to do in the short term? We could probably wait a little while, but would need the majority of the money reasonably quickly.
Hi JP Been watching the Oz dollar rate closely myself latey, as we will be due to change ours up soon too !!!!!!!!!! Its lower than I'd like at the mo, as it was up 2.4 dollars to the pound in Aug/Sept time and now dropped to 2.24 and I spoke to a fella at HIFX and they reckon it will stay about the same as it is now, because the Australian economy is strong right now !!!!! I obviously believed him, as I know nufink about such things ............... !!! Heres the link, as they do a fair deal on transactions: http://www.hifx.com.au/
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Does anyone have any insight as to what the exchange rate is going to do in the short term?
Yes I do and I'm going to make miiiiillllllllllllllllllllllliiiiiiiiiiiiiiioooooo oooooooooonnnnnnnnnnnssssssssss!!!!!!!!!!!!:biglau gh:
Sorry couldnt resist that Errmmm short answer is no. Longer answer is it depends on so much going on US housing market, possibilty UK market may slow, price of crude all kinds of crap including borrowing from Japan. I have been watching and I dont think it will go back to 2.40 any time soon. It did dip to 2.20 and went back to 2.30 briefly and is now back down around 2.24. It may get back to 2.30 depends on interest rates elsewhere, Bank of England meet again 7&8 Nov could have an affect may not. Interest rates may go up in Oz next month. You could lock it in with Hifx or Ozforex to a specific rate if you dont need the cash straight away to ensure you get what you want and sit and wait until the exchange rate climbs back up.
I need to transfer cash next month when we come over and havent had the luxury of being able to lock in an exchange rate due to circumstances - if I could Ihave locked in I would have. However, i'm just going to have to take what comes.
None of the above is authorised or offical financial advice just my take on how things are and it is purely perrsonal opinion and speculation!!
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If interest rates in Aus do go up, then the currency will be more attractive to overseas investors, therefore the A$ will appreciate, which means you will get less for your GBP.
Monitor it regularly and if it gets to 2.35-2.40 (ie reasonable) buy in with HiFX.
The difference it can make to, say, a £200k transfer is about the price of a new car, that's the way I'm looking at it!
We'll be ready to change all our hard earned pounds next week. Does anyone have any insight as to what the exchange rate is going to do in the short term? We could probably wait a little while, but would need the majority of the money reasonably quickly.
Any advice would be welcome.
Cheers
JP
G'day
I reckon that by early next year the Aussie dollar will be wort about one US dollar and about 50p UK. In other words 1UKP = $AUD2, I would move money sooner rather than later.
However, I don't have any more money to move over so it makes little difference to me. And just in case you mistake me for one, I am neither a clairvoyant, nor a FX financial advisor so if you take notice of what I say, it is at your own risk (or gain).
And then go and click on the five or even the ten year history you can really see how much it has dropped.. I just wish i was exchanging when it was 3 dollars to the pound in 2002/2003!
So Hard to forecast I'm afraid.
I suppose that if your money is sat in the UK for a while waiting for a rate rise it will be earning interest.
We saw $2.89 in 98/99 when we were shipping out.
We had an account here already from a reccie trip - anything loose was sold and sent over.
People thought our business was going bankrupt when I sold my new car and ran around in an old banger
I'd reckon that anything between $2.30 and $2.40 will be a good bet for the short term.
The elections here may make a little difference also - can't say which way though.
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I am surprised by the current strength of the U.K pound
The northern rock problem is a indicator all is not well in U.K
banking.
I believe the IMF report about the U.K housing situation.
If you had several months to wait you may catch an occasional day or week
were you get a very good rate.
but is it worth the stress ?
but in my guess is that will be 2.1 Dollars per pound by mar next year
and by this time next year could even dip as low as 1.95
We have seen a massive move in the last 24 hours, with a low of just under 2.31 and a high of over 2.37. This comes as welcome news to those of you who have been following the markets recently, especially in light of the recent lows of around 2.24/2.25.
As has been previously stated, it is extremely difficult to predict these moves and where we go from here. The is still a lot of uncertainty in the Global Equity markets, and the commodity currencies such as the Australian Dollar have been weakened by this risk aversion, rather than the moves being a sign of a strong £.
I completed a transaction with UK Forex today, and got a rate of 2.35, which I was pretty chuffed with, only monday they quoted me 2.29. Waiting till today saved me just over a grand!
Errmmm short answer is no. Longer answer is it depends on so much going on US housing market, possibilty UK market may slow, price of crude all kinds of crap including borrowing from Japan. I have been watching and I dont think it will go back to 2.40 any time soon. It did dip to 2.20 and went back to 2.30 briefly and is now back down around 2.24. It may get back to 2.30 depends on interest rates elsewhere, Bank of England meet again 7&8 Nov could have an affect may not. Interest rates may go up in Oz next month. You could lock it in with Hifx or Ozforex to a specific rate if you dont need the cash straight away to ensure you get what you want and sit and wait until the exchange rate climbs back up.
