Location: From Bury,Manchester To Jimboomba, Brisbane
Posts: 6,196
Its on the up
I have been watching the aussie dollar exchange rate and have noticed this last week its crept up a little every day.According to our home page we are now at 2.3(and a bit) ,,has anyone exchanged at this ? i said i would at 2.3 but now im thinking of seeing if it crawls up a little more,,if we can just stretch to 2.4 it would be great ,,any of you experts out there,think it will get that high??
I have been watching the aussie dollar exchange rate and have noticed this last week its crept up a little every day.According to our home page we are now at 2.3(and a bit) ,,has anyone exchanged at this ? i said i would at 2.3 but now im thinking of seeing if it crawls up a little more,,if we can just stretch to 2.4 it would be great ,,any of you experts out there,think it will get that high??
I have been watching the aussie dollar exchange rate and have noticed this last week its crept up a little every day.According to our home page we are now at 2.3(and a bit) ,,has anyone exchanged at this ? i said i would at 2.3 but now im thinking of seeing if it crawls up a little more,,if we can just stretch to 2.4 it would be great ,,any of you experts out there,think it will get that high??
Cal x
I did some today at 2.3310 but would love it if it went higher. 2.4 would let me sleep at night!
A very difficult question to answer i'm afraid, as the moves we are seeing are as a result of more uncertainty and risk aversion from investors and speculators.
The effects of the sub-prime crisis and credit crunch are clearly still taking their toll - the rumours in the news last week concerning Barclays sparked more volatility, and over the last couple of days we have seen a big sell off of the commodity currencies such as the AUD.
The question of when to transfer your money can only be answered by yourselves - we understand it is a huge move for you and of course you want to get as many dollars as possible. If this risk aversion continues then the AUD could weaken further, but if risk appetite comes back into the market then we could easily see it move back to the 2.24/5 levels of the last few weeks. It has already dropped to around the 2.28/2.29 levels!
Some people spread the risk and transfer their funds in stages, which gives you some peace of mind knowing a proportion of your funds are locked in, but allows you to gamble on the market going back up.
Ask yourself what can I afford to lose? When it was down at 2.24, 2.30 seemed a very attractive rate - now that very attractive 2.30 is achievable! IF it hits 2.40, will you hold off for 2.50? You can set a target rate, or market order, whereby you pick a rate that you would like to achieve (a realistic one!) and if it hits this then we buy the currency for you. If it doesn’t hit it, we wont, so it is very black and white. It is a good way of benefiting from the peaks in the market, but bear it mind carries the risk of not protecting yourself if the market does drop, so if you do decide to use this option then do continue to monitor the market.
Unfortunately it is a gamble as we don’t have a crystal ball, but if you would like to discuss your situation in more detail then please do get in touch.
