Jump to content
Guest al&nic

Rate Alert - 2.200!

Recommended Posts

Guest al&nic

Hi all,

 

Just had a rate alert to say the GBP/AUD rate opened today at a 5-month high of 2.1900. In volatile trade this morning, it briefly touched 2.2000! That's a 7.5% increase on 7 weeks ago.

Share this post


Link to post
Share on other sites

If this helps, this is the text of an email I received this morning from a currency transfer company

 

Just a short note to let you know that the GBP/AUD rate opened today at a 5-month high of 2.1900. In volatile trade this morning, it briefly touched 2.2000. This represents an appreciation of 7.5 per cent compared to just seven weeks ago on July 23, 2008 when it was trading at 2.0470. The recent low was 2.0298 on June 4, 2008. The Australian Dollar has weakened significantly due to a strong U.S. Dollar and an end to the tightening cycle in official interest rates. Last Tuesday, The Reserve Bank of Australia cut interest rates for the first time in 7 years by 25 basis points to 7.00 per cent and has more than hinted at lower rates in a recent statement saying “with domestic demand slowing, the Board’s view is that scope to move towards a less restrictive stance of monetary policy in the period ahead is increasing”. Financial markets have taken the view that further moves down in interest rates are imminent.

 

The Pound could gain more strength against the Aussie from here but there is significant volatility and renewed weakness cannot be discounted.

Lyn


 

 

Share this post


Link to post
Share on other sites
Guest alan_blue

bad or good news? guess it depends on your situation whether you are taking money with you or sending it back reguallary. i will have to send money back monthly to the uk and the higher the dollar the more it will cost me

Share this post


Link to post
Share on other sites
Guest jewels1356

well i got my fingers xrossed for us all may we hope it goes up up and up lets go back to 2.98 au$

please this would help a lot of people

julie

xx

Share this post


Link to post
Share on other sites
Guest kdal

Things a looking better lets hope it stays there or increases even !! For those that are going to Australia that is.

 

Thanks for the news as havent checked it in a while

Share this post


Link to post
Share on other sites
Guest alan_blue

surely its better to be lower if you are sending cash back to the uk? am i wrong?

Share this post


Link to post
Share on other sites
Guest tony and sheena

A bit of good news, at last. Let's hope it keeps up!

 

Sheena

Share this post


Link to post
Share on other sites
Guest Zagg

I rang OzForex and HiFX to get some rates to transfer some money today and got a rate of 2.1879 for exchanging £7000.

Share this post


Link to post
Share on other sites

Need to change my sterling over too; been at $2.2132 to the pound at one stage tonight:jiggy:Be keeping an eye on it tomorrow!

Share this post


Link to post
Share on other sites
surely its better to be lower if you are sending cash back to the uk? am i wrong?

 

Yes, if you are sending money to the UK, it is better for the pound to be lower against the dollar for that purpose.

Share this post


Link to post
Share on other sites
Guest chris_mac

Hi guys, great thread, looking to open a bank account and transfer some money... Which is the best bank and what rate would be good to exchange... am i being greedy holding out for it to go higher..

 

Chris

 

General Electrician

Applied TRA Aug 07

TRA Retuned Oct (Skill path D removed)

Re-applied Vetassess 01.01.08

Vetassess Paper Assess Passed 10.04.08

House up for sale 28.03.08 sold 14.04.08 (3 weeks, crikey)

Vetassess Practical 15.07.08

Practical Passed 11.08.08

176 Visa Application submitted 11.09.08

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×