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Exchange rate up!!!

Damms

By Damms
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Damms Newbie

Damms

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Hi everyone

Just a quick note to let all those that have been hanging on waiting to buy Aussie Dollars and been despairing at the increasingly strong dollar that the pound is strengthening, it started late last week and has been increasing all day. It looks like this trend could continue until at least Wednesday which is when some more economic data is releases and then who know what the rates will do.

I have been told that it is more likely to weaken again than to go over 2.40 but who know!!!

Just wanted to help give a heads up to those looking to buy soon or who want to forward buy and fix the rate at what could be better rates than we have seen for a while.

Good luck everyone

Kim :cool:

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Guest Guest75

Guest Guest75

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I think it is only a temporary increase - the US share market fall last week caused the better exchange rate.

 

Great for anyone exchanging over this next few days :)

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Damms Newbie

Damms

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Hi everyone

 

Just to give an update there is a decision due on Aussie interest rates tomorrow night, it looks likely they will go up again, If this happens then the dollar should strengthen against the Pound so If you are looking to buy $ in the short term now may be your best bet. Obviously this is only my opnion and gut feel!! so speak to your FX consultants.

Good luck guys

Kim

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Angela Newbie

Angela

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On their website HiFX are qutoing 2.37 at the moment but would be a better rate with larger amounts :)

 

Lisa:cool:

 

 

Yes you would think so Lisa wouldn't you but our consultant laughed when we suggested 2.40$ - perhaps I am doing something wrong !!?? I thought a 6 figure sum would be substantial, but maybe not ??

 

Have to say I will be speaking to them on Monday. I won't go into any detail but I am now glad HIFX was not my only choice, if you know what I mean ;).

 

Do continue to keep this post updated though a few of us are in our final weeks left in the UK, so we are 'sad' to when it comes to the exchange rate :rolleyes:.

 

Good luck All

Angela

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Hayshake Newbie

Hayshake

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I am also hoping that the rate goes up to 2.40. It went just over the other day, so I have placed a forward order with HIFX at 2.40 so if the rate goes to this whilst I am not watching it will be secured.

I have calculated that on A$600000 which is about what we expect to spend on a house, evry 10cents differrence in the exchange rate equates to about 10,000 pounds!!!!. Quite a difference if I have my sums right.

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Angela Newbie

Angela

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So guys a little help please !!

 

With 3 weeks to go do you wait & risk the rate dropping or forward buy at 2.40 which is what we have always said we would be happy with ?

 

On the spot buy came in at 2.385 today which we are considering !

 

I hate this part of the process & it is just not getting easier.

 

Any clairvoyants amongst us? :eek:

 

Angela

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Guest Guest75

Guest Guest75

Posted
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So guys a little help please !!

 

With 3 weeks to go do you wait & risk the rate dropping or forward buy at 2.40 which is what we have always said we would be happy with ?

 

On the spot buy came in at 2.385 today which we are considering !

 

I hate this part of the process & it is just not getting easier.

 

Any clairvoyants amongst us? :eek:

 

Angela

 

It's not a bad rate is that Angela.

If you look at it for over the last few years it seems fairly good.We did have that high point of the over $2.50's - but how often has that happened in the last few years?????

 

 

It really does depend on how much capital you have to convert as well..........the difference in rate could mean a carton of beer or a second car.

 

The choice is yours................Good luck.:D

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richjop Newbie

richjop

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We have been watching the markets too and did a couple of exchanges, 70,000 AUD a few weeks ago at about 2.35 and then 650,000 AUD last week and we managed to get a rate of 2.383. It all depends what your nerve is and if you need the money over here. We bought a house and had to pay a deposit within 48 hours so we needed ours!!!! Bear in mind that you will probably get a higher interest over here for savings than in the UK so the small difference may well be made up in interest. I think 2.5 (which is what I had based everything on) is unrealistic now and would be looking nearers the 2.4 mark but if anyone has a crystal ball that would be very useful!!!!

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Guest soggy

Guest soggy

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It's not a bad rate is that Angela.

If you look at it for over the last few years it seems fairly good.We did have that high point of the over $2.50's - but how often has that happened in the last few years?????

 

 

It really does depend on how much capital you have to convert as well..........the difference in rate could mean a carton of beer or a second car.

 

The choice is yours................Good luck.:D

3 times in the last 5 years;), when we hope to go, around end of year, my wife says it will be around 2.5 although this is because as she puts it "I have money lucky and Buddha will help us" im not sure anyone should bet their future on this advice!!!!!! ( I expect i will have to)

 

Simon

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Hayshake Newbie

Hayshake

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Just been on to HIFX this morning as the rate has just gone above 2.40. They tell me that the rate needs to move to about 2.41 to enable a purchase at the 2.40 mark. The guy I spoke to is very hopeful that this rate will be reached within the next day or so, but could not obviously give any guarantees.

Maybe some good news is on the way.

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Guest muppetbro

Guest muppetbro

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after 6 months watching i would bank a rate of 239/240 as is currently this moment in time without a doubt - you have 2 options boom or bust or play safe and that is a safe exchange rate without a doubt

 

my bank exchanges 1 cent below the given rate found live on

 

www.bloomberg.com

 

remember current interest rates in oz bank accounts are paying at least 1% more than uk banks so work out the value of the added interest you could be earning!?

 

our book keeping was done at a rate of 240 so we are satisfied which is better than being gutted but not as good as laughing all the way to the bank

 

remember you have 6 months to move the money into oz so the other option is longer term and remain patient but i am not so confident given the current economic indicators

 

me id rather have the safe knowledge that i know exactly the amount i have to house hunt or shud that be tent hunting

 

be safe

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Hayshake Newbie

Hayshake

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What a problem exchange rates are, yesterday I thought I had done so well getting 2.40 for quite a large sum of money, only to find that if I had left it until today I would be A$4000 dollars better off.

I have now just agreed to do a further trade at 2.5042, all I have to do now is find the money!!

It's all in savings some where, but will have to retrieved.

I will now be sick if it goes up to 2.60

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Guest dglamoore

Guest dglamoore

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There was a huge stock market crash here yesterday wiping billions off the price of stocks :confused: not so good for the economy but the exchange rate shot up over night :eek: Currently sat at 2.53 so if you have any cash sort it quick as it may not last at this rate for long :o

 

Lisa:cool:

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Guest Rachel & Jeff

Guest Rachel & Jeff

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It's definately looking good at the moment. I'll have to hope my house sells quick so I can get some money over there before it plummets again.

The money part is beginning to give me a headache. It all seems so complicated:confused:

 

 

Rachel

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