Fear of recession forces down Australian dollar

[earlswood]

What is going on in the worldfirst the dollar gains against the pound....then I read this.....can anyone explain?

THE Australian dollar yesterday collapsed to a 2 1/2-year low, suffering one of the worst falls since it was floated on international currency markets in the early 1980s, as fears grew that a global recession would end the commodities boom.
The Reserve Bank's surprising move to slash the official interest rate by one percentage point did little to reverse the negative sentiment towards the currency.
The rate cut spurred short-term momentum in the stock market, leaving the S&P/ASX200 78.3 points higher at 4618.6.

Fear of recession forces down Australian dollar | The Australian

[erinfay]

In a word no.....


but I am interested too to know what this means

Erinfay

[amandak]

erinfay
I had a phone from a money exchange today and hetold me what a good day to change your money. eg. if I had £100,000 and exchanged today I would have gotten $247,000.
As I decided to start the visa process I was offered $2.00 to the £1.00. so today Iwould have made $47,000 extra. God I wish I could have got hold of my money today.

Lets hope it stays like this, and does not drop too much.
Amanda

[GoodersGang]

erinfay
I had a phone from a money exchange today and hetold me what a good day to change your money. eg. if I had £100,000 and exchanged today I would have gotten $247,000.
As I decided to start the visa process I was offered $2.00 to the £1.00. so today Iwould have made $47,000 extra. God I wish I could have got hold of my money today.

Lets hope it stays like this, and does not drop too much.
Amanda

Wow 2.47 who are you using sounds vgood???
Regards,

Steve

[Scamp1976]

It's got to do with the RBA lowering interest rates by 100 basis points.
Also , it's got to do with the commodity industry collapsing ( mining etc )
Also, it's got to do with recession looming in Australia and the overpriced houseprices.

And some more minor things like hedgefunds and the european problems and the asian markets crashing.

[joetrac]

Just as Im about to exchange my Dollars to pounds...ah well if you never had it it was never really yours.

[Tyke]

What is going on in the worldfirst the dollar gains against the pound....then I read this.....can anyone explain?

THE Australian dollar yesterday collapsed to a 2 1/2-year low, suffering one of the worst falls since it was floated on international currency markets in the early 1980s, as fears grew that a global recession would end the commodities boom.
The Reserve Bank's surprising move to slash the official interest rate by one percentage point did little to reverse the negative sentiment towards the currency.
The rate cut spurred short-term momentum in the stock market, leaving the S&P/ASX200 78.3 points higher at 4618.6.

Fear of recession forces down Australian dollar | The Australian

Great for those settling here,bad for you going back