Red Rose Posted September 2, 2020 Share Posted September 2, 2020 Hi all Probably pretty subjective but would you say around 56 pence to the dollar is a good rate of exchange? Its currently sitting at 55.1 pence which seems OK but I’m hoping it might go up. Just waiting for the right time to bring my AUD back to the U.K. thank you! Quote Link to comment Share on other sites More sharing options...
DukeNinja Posted September 2, 2020 Share Posted September 2, 2020 You had to have 2.07 AUD for every £ you wanted in March. Who knows what the near future will bring... Quote Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted September 2, 2020 Share Posted September 2, 2020 @Susan from Moneycorp may have more idea than me. Quote Link to comment Share on other sites More sharing options...
newjez Posted September 2, 2020 Share Posted September 2, 2020 9 hours ago, Red Rose said: Hi all Probably pretty subjective but would you say around 56 pence to the dollar is a good rate of exchange? Its currently sitting at 55.1 pence which seems OK but I’m hoping it might go up. Just waiting for the right time to bring my AUD back to the U.K. thank you! No deal Brexit could drop the pound significantly. But hand on heart, how realistic is that? Although the threat of no deal is a very real thing. Both countries are heading into recession and deflating their currencies, but then so is everyone. I know this is flippant, but you probably will get a better rate than that and a worse rate than that over the coming months. You really need to decide what is a good rate for you. You will never be able to pick the best rate, so just accept that and you will be happier. Quote Link to comment Share on other sites More sharing options...
Sloth Posted September 3, 2020 Share Posted September 3, 2020 (edited) 17 hours ago, Red Rose said: Hi all Probably pretty subjective but would you say around 56 pence to the dollar is a good rate of exchange? Its currently sitting at 55.1 pence which seems OK but I’m hoping it might go up. Just waiting for the right time to bring my AUD back to the U.K. thank you! Did you shop around for rates? Just looking now, Transferwise is giving me 0.549781 and OFX 0.5442 on a $10000 transfer, and Commonwealth Bank 0.52. Edited September 3, 2020 by Sloth Quote Link to comment Share on other sites More sharing options...
newjez Posted September 3, 2020 Share Posted September 3, 2020 Hope this helps, although they are comparing against the USD. https://www.cnbc.com/2020/09/03/australian-dollar-amid-coronavirus-and-recession.html Quote Link to comment Share on other sites More sharing options...
Susan from Moneycorp Posted September 3, 2020 Share Posted September 3, 2020 Hi everyone, The avg rate of the past three years has been 0.5606 Whilst the AU$ economy looks to be in a much stronger position right now than the UK, we have the escalating trade tariff war with China (& the Australian journalist they have arrested/imprisoned) which could impact the AU$ regardless of how well Australia is doing compared to the rest of the world. The UK has a brexit deadline coming up and their economy/gvmt is not handling the covid fallout well. Or even at all. America continues to implode: not really at any point until after the election is there any reason to buy the USD - which is the only reason for GBP strength at the moment - it's not based on buoyant activity in the UK economy or UK purchasing manager's confidence. If you have a rate in mind that you'd like to achieve, remember that you can always leave that rate as an order with your FX provider and they will contact you when the rate is reached ~ that way you can go on with life not having to monitor it every hour/day. Leave the ulcers to the professionals 1 Quote Link to comment Share on other sites More sharing options...
Red Rose Posted September 3, 2020 Author Share Posted September 3, 2020 7 hours ago, Susan from Moneycorp said: Hi everyone, The avg rate of the past three years has been 0.5606 Whilst the AU$ economy looks to be in a much stronger position right now than the UK, we have the escalating trade tariff war with China (& the Australian journalist they have arrested/imprisoned) which could impact the AU$ regardless of how well Australia is doing compared to the rest of the world. The UK has a brexit deadline coming up and their economy/gvmt is not handling the covid fallout well. Or even at all. America continues to implode: not really at any point until after the election is there any reason to buy the USD - which is the only reason for GBP strength at the moment - it's not based on buoyant activity in the UK economy or UK purchasing manager's confidence. If you have a rate in mind that you'd like to achieve, remember that you can always leave that rate as an order with your FX provider and they will contact you when the rate is reached ~ that way you can go on with life not having to monitor it every hour/day. Leave the ulcers to the professionals Thanks Susan that was the information I was after. The market is extremely volatile at the moment but I’ll wait a bit longer to see if the rate of exchange get inch closer to that 0.56 level - Quote Link to comment Share on other sites More sharing options...
Susan from Moneycorp Posted September 4, 2020 Share Posted September 4, 2020 No problem at all Red Rose ~ we have all this historic info to hand in front of us.... call me if you need anything else Sydney office direct number: 0414 838 586 Quote Link to comment Share on other sites More sharing options...
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