devon67 Posted August 24, 2012 Share Posted August 24, 2012 $ back upto 1.52 anyone think it will go higher so im preparing to send some more money over Link to comment Share on other sites More sharing options...
bell123321 Posted August 24, 2012 Share Posted August 24, 2012 Can never tell impossible to guess. It might have gone up due to the announcement that recession is not as bad as first thought in the UK. Link to comment Share on other sites More sharing options...
Guest guest17301 Posted August 24, 2012 Share Posted August 24, 2012 back up? why how low did it go? Link to comment Share on other sites More sharing options...
devon67 Posted August 24, 2012 Author Share Posted August 24, 2012 1.46 last week, yes i know its goes up and down, but waiting for the best opp recession in UK still going on for what i gather or will continue for a fair few years Link to comment Share on other sites More sharing options...
Guest vin Posted August 24, 2012 Share Posted August 24, 2012 Was going to send some money when it was at 1.48 on agents advice and got busy with other stuff and saved myself $4000 dollars due to better exchange rate. Right now gbp/aud no one knows what is going to happen ... not agents ... both UK economy looks weak and Australian mining data looks weak, which is significant part of commodity driven export economy. Link to comment Share on other sites More sharing options...
Chardy Posted August 24, 2012 Share Posted August 24, 2012 It's not the UK that's affecting it but China reducing it's trade with Aus see this: http://www.pomsinoz.com/forum/money-transfer-ask-moneycorp/149193-pound-vs-australian-dollar.html Link to comment Share on other sites More sharing options...
milliem Posted August 24, 2012 Share Posted August 24, 2012 It's not the UK that's affecting it but China reducing it's trade with Aus see this: http://www.pomsinoz.com/forum/money-transfer-ask-moneycorp/149193-pound-vs-australian-dollar.html Thanks for this it's hard to know what to do for the best. I have to leave some money in Uk to cover incidentals but not sure what to do about the money I need to transfer Millie x Link to comment Share on other sites More sharing options...
Candygirl Posted August 24, 2012 Share Posted August 24, 2012 I think the Aussie Dollar is weakening as it is down against the Euro as well, which is what I keep an eye on as well. Link to comment Share on other sites More sharing options...
Somgirl Posted August 25, 2012 Share Posted August 25, 2012 I saw this too, it has been struggling, but now seems to be on the up, but is erratic. Link to comment Share on other sites More sharing options...
Johndoe Posted August 25, 2012 Share Posted August 25, 2012 Agree with Chardy. Not so much what's going on in the Uk but the weakening of the Aussie dollar. Worse than expected from China (from an Oz VP) and mining sector whinges here. Link to comment Share on other sites More sharing options...
flag of convenience Posted August 25, 2012 Share Posted August 25, 2012 Longer term prediction has to be down. You'll never time it to the exact moment but I'd say now is as good as time as any to send money over. Don't get too greedy you may just miss the boat.... Link to comment Share on other sites More sharing options...
newjez Posted August 25, 2012 Share Posted August 25, 2012 I would have thought the dollar would start to drop soon. But then I can't believe it hasn't dropped yet - so what do I know. Link to comment Share on other sites More sharing options...
Jambos Posted August 25, 2012 Share Posted August 25, 2012 Things are looking more hopeful longer term (see below links)Not that I am wishing for the Oz economy to collapse this would not bode well for us! http://www.abc.net.au/7.30/content/2012/s3573784.htm http://www.macrobusiness.com.au/2012/08/my-endless-boom/ Not only are Iron Ore prices being squeezed due to China Slow down but also from an alternative Supply stream from Mongolia. I think think the pound will fair much better in the next 6-12 months (subject to what happens in the uk) Link to comment Share on other sites More sharing options...
Dan Collins Posted August 25, 2012 Share Posted August 25, 2012 $ back upto 1.52 anyone think it will go higherso im preparing to send some more money over I can't answer this one, but would recommend you talk to your money transfer person about the choices on offer. You can protect an exchange rate using two methods, locking in a forward rate or using an option: The 'forward rate' locks you into a price with generally a 10-20% deposit. Come the agreed date, you have to move the money over to complete the contract. This might suit where you have the funds, or think the exchange rate might stay around the same. This could allow you to earn a bit of interest whilst you wait. It might suit where you thought rates might fall. The risk is that you don't get the funds in time to complete the contract, though many companies will be flexible and may perhaps just adjust the rate or ask for more of a deposit. Anyway, check on this... An 'option' will allow you the choice to move funds over at an agreed rate. This is like paying an insurance policy as you only use it when making a claim. If you thought rates were going to go higher, but wanted to insure against you being wrong, this might work as a hedge. Generally, this is a costly option, for which you'll pay out quite a large premium. Big companies have been hit by getting hedging wrong, so be careful about trying to outdo the markets. You could burn up a lot of money here, when instead, you could be happy with the rate and move it over. All sorted. Transfer at 'spot price'. You could take the going rate today and transfer your funds. This would generally pay a better rate than a forward rate, and if you had money ready and felt that rates were going to fall anyway, possibly a good choice. This is the simplest and I imagine most common means of moving money over. You know where you stand then and even if rates do go up, you haven't actually lost money, you've just lost the potential to make more of it. Like house prices, you can just be lucky sometimes, but even with property, I'd say skill is more likely to help. Foreign currency speculation can end in tears. No-one has the inside word on rates, not even your broker. Charts might tell you a lot and if you're dead keen, you could look at the RBA history. The movement of the Aussie is listed there since 83 against all the major currencies. This is like looking in the mirror and if changes lay ahead, your charts won't help. Still, with more information, you might be more aware of just how good the current rate actually is compared to years ago (this is for people in Aus going to UK). What else can you do? Another idea is having a shandy; a mixture of some or all of the above. You could also transfer the money in parcels, with a bit now and a bit more over time. That Dollar Cost Averaging might work to smooth out the return over time and manage some risk. This can spread risk, though generally you would have a positive view on the dollar either going up more in the future or staying around the same. You could cheekily earn a bit more interest whilst waiting to move funds over. Beware though, banks do impose a 'small' charge on receiving the money. Goodness knows how different this is to normal, but it can make Dollar Cost Averaging expensive over time. I'm sorry this doesn't directly answer the question, but hope it does help in some way. Cheers Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted August 25, 2012 Share Posted August 25, 2012 Well...... According to reports coming out of Australia, the mining boom might be coming to an end, which might mean the dollar could shoot up, all we need is for the UK to come out of recession and then who knows? Link to comment Share on other sites More sharing options...
RioMarina Posted August 25, 2012 Share Posted August 25, 2012 Longer term prediction has to be down. You'll never time it to the exact moment but I'd say now is as good as time as any to send money over. Don't get too greedy you may just miss the boat.... I would think this is the worse possible time to exchange UK to Aus. The exchange is the worst its ever been for the UK punter. 'Miss the boat' mate- That left 7 years ago. Any one changing currency at this rate will regret it for the rest of their lives. Link to comment Share on other sites More sharing options...
Paulr Posted August 25, 2012 Share Posted August 25, 2012 I would think this is the worse possible time to exchange UK to Aus. The exchange is the worst its ever been for the UK punter. 'Miss the boat' mate- That left 7 years ago. Any one changing currency at this rate will regret it for the rest of their lives. It is what it is and you don't really have a choice we are going in a few weeks about to transfer now yes I'd love it to be 1.9 2.20 or 2.50 but it isnt 1.52 now is better than 1.46 can't control what it is, like I say it is what it is at the time no regrets. Link to comment Share on other sites More sharing options...
Rupert Posted August 25, 2012 Share Posted August 25, 2012 I would think this is the worse possible time to exchange UK to Aus. The exchange is the worst its ever been for the UK punter. 'Miss the boat' mate- That left 7 years ago. Any one changing currency at this rate will regret it for the rest of their lives. I have to agree. "As good a time as any" is not a sentence you normally see these days when discussing moving money from UK to Australia. I would move as little as I could get away with. Link to comment Share on other sites More sharing options...
newjez Posted August 26, 2012 Share Posted August 26, 2012 Swings and roundabouts - if there is a recession in Oz it will be harder to get a job. But it would be nice to see a more reasonable exchange rate. Does it fit with your timeframe? Well...... According to reports coming out of Australia, the mining boom might be coming to an end, which might mean the dollar could shoot up, all we need is for the UK to come out of recession and then who knows? Link to comment Share on other sites More sharing options...
Jambos Posted August 26, 2012 Share Posted August 26, 2012 Swings and roundabouts - if there is a recession in Oz it will be harder to get a job. But it would be nice to see a more reasonable exchange rate. Does it fit with your timeframe? I do not think a weaker AUD would be a bad thing for the Oz economy as it would help their other export led manufacturing industries longer term. Oz is much to reliant on exporting the black and the red stuff to China this boom has been a factor in making their exchange rate as high as it is (Not the only reason). A weaker rate would reduce such a reliance and help them diversify into other areas and help support their ailing export sectors it would also allow them to compete against for Iron ore from Mongolia where they have already lost market share. Having all your Eggs in one basket is a very risky business! If you are moving to Oz you do not want their economy to go down the toilet.:eek: Link to comment Share on other sites More sharing options...
bensym Posted August 26, 2012 Share Posted August 26, 2012 It's stuck in this 1.46-1.62 range for the past couple of years. I think this is going to tick back up to 1.60-1.61, but I will only get excited if it breaks 1.62. I read somewhere in the aussie press that the Australian mining boom is not expected to fully fizzle out until 2014 which could tie in nicely with some recovery out of the UK, but that is quite a way down the track. The mining company CEOs are now openly complaining about the strength of AUD, and if this makes them uncompetitive (as it has the other underperforming sectors in the Aus economy), then the RBA has to listen. I would say transfer as little as possible. Play the long-game on this. Link to comment Share on other sites More sharing options...
Battleneter Posted August 27, 2012 Share Posted August 27, 2012 I read somewhere in the aussie press that the Australian mining boom is not expected to fully fizzle out until 2014. I would say transfer as little as possible. Play the long-game on this. What you read is wrong at least the context. "New" mining investment is coming to a end at least for the time being, benefits from mining are set to continue for decades. There are however other threats to the Aus economy such as the ongoing currency war and the housing bubble. As I just posted in another thread, the devaluing £ and $US is mostly because of money printing by the US and UK. A slightly stronger or weaker Aus economy has little to do with the exchange rate, Traditional economics no longer apply. Even if the RBA lowers the rate to 0 it would only have a temporary limited effect as seen with recent rate cuts. If Aus starts also printing money to counter, the story will be different. The UK has printed over £300 in the last 3 years!!, that is buying growth at the expense of devaluing the £. The UK can't keep printing money forever, don't think I need to come up with examples of why that's a bad idea. I suggest transfer soon, the US is about to do "QE3" and the UK has already printed this year, seems to be the current policy with no sign of a change. Link to comment Share on other sites More sharing options...
Thom Posted August 28, 2012 Share Posted August 28, 2012 The UK has printed over £300 in the last 3 years!!, That much already?!?! Link to comment Share on other sites More sharing options...
Battleneter Posted August 31, 2012 Share Posted August 31, 2012 That much already?!?! yep http://www.bbc.co.uk/news/business-15198789 ""The way the central bank does this is by buying assets - usually financial assets such as government and corporate bonds - using money it has simply created out of thin air."" Link to comment Share on other sites More sharing options...
Thom Posted August 31, 2012 Share Posted August 31, 2012 It was a joke mate. You posted they had printed £300, I think they have done a fair bit more than that. Link to comment Share on other sites More sharing options...
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