Falling!!! Help!!!

[JohnK]

Its vulnerable because I am heading OS next week

And I am heading overseas in 3 weeks.

I knew I should have hedged and purchased USD at 1.03 a week or two ago. It was 1.01 today but may not remain that way for too long....

 

[Sprucegoose]

The Aussie dollar is looking vulnerable to a drop with commodities off the boil and parts of the economy tanking. We took some cover for the just in case.

Most FX pricing is interest rate related. In relative terms we have always have and continue to have higher interest rates than comparable economies

 

[cove]

Yes there have been many predictions that have been incorrect but we decided to be less open on our currency position.
Interest rate differentials seem to have dragged in 200 billion of foreigners money to fund our Federal Government over spending.
Most Australians have been doing Big4 bank term deposits so the predictions of a real estate rout in our capital cities has not eventuated as the banks have not had to ration funding so far.
Taking a bit of cover at 103.30 or higher may not be a winner but I sleep better. The Euro has had an exceptional fall and that currency is off it's lows despite all the bad news.

 

[JohnK]

This rollercoaster is starting to drive me nuts.

A week or 2 ago the confidence in the AUD or the Australian economy was low so the AUD fell. Now it is back up again so confidence must be restored. And next month confidence drops and then restores again.

I don't pretend to understand these fluctuations but these so-called financial experts have no idea or they are seriously manipulating currency to make a profit. Not good....

 

[cove]

We are pawns in a chess game. If a sell signal triggers a dramatic fall just remember the great rates you achieved in the last couple of years.
We loved London at sub $1.50 for the pounds.
Lap it up if you can!

 

[JohnK]

I have experienced the highs and lows of foreign exchange in the past couple of years. We get so used to something that it becomes hard to let go.

A crystal ball would be nice....

 

[cove]

Nothing is certain in foreign exchange but if you really need US dollars or Euros the rates are pretty good at the moment.

 

[JohnK]

Money to buy those US dollars and Euros would also come in handy.

Back from overseas and exchange rates held up quite OK. Next trip planned for December/January....

 

[lovestotravel]

Nothing is certain in foreign exchange but if you really need US dollars or Euros the rates are pretty good at the moment.

Not as good as a few weeks ago for the US Dollar

14th Sept was nearly 1.06
Now only 1.01

However, it's still so much better than a few years ago!!!!

 

[Oneworldplus2]

Not as good as a few weeks ago for the US Dollar

14th Sept was nearly 1.06
Now only 1.01

However, it's still so much better than a few years ago!!!!

And with more rate cuts expected + China slowing down ( = not as much profit for the miners here, Iron Ore has dropped like a lead ballon this year), l personally see the AUD heading lower, much lower....

 

[lovestotravel]

And with more rate cuts expected + China slowing down ( = not as much profit for the miners here, Iron Ore has dropped like a lead ballon this year), l personally see the AUD heading lower, much lower....

Exactly right!

 

[cove]

This thread will be a great place to whinge in if you don't buy the highs and then proceed to buy the lows. I prefer to get it on the high side.

 

[lovestotravel]

Things like this do not help

Cookies must be enabled. | The Australian

BANK of Queensland's shares tumbled more than 5 per cent today after the bank indicated it could suffer the first full-year loss by an Australian bank in 20 years. The regional lender gave an unaudited estimate it would post a net profit after tax of between $70 million and $75m for the second half of the fiscal year ended August 31, reversing from a loss of $90.6m in the first half.
That points to a full-year loss of up to roughly $20m, which would be the first unprofitable year posted by a local bank since Australia & New Zealand Banking Group recorded a loss in 1991-92.
Normalised underlying profit before tax for the period is predicted to come in at $220m-$225m.
By mid afternoon, Bank of Queensland's shares were down 4.8 per cent at $7.58 after hitting an intraday low of $7.50. The benchmark S&P/ASX 200 index was up 0.8 per c

 

[Flashback]

Nothing is certain in foreign exchange but if you really need US dollars or Euros the rates are pretty good at the moment.

I've given up on moving AUD to GBP, it's down at 0.63 now - boo! Just as well I managed to move most of it over at 0.675 around the Olympics.

 

[cove]

But what will you say to me when it goes to 0.5999 and then keeps heading South?
The international markets don't sem to know that Wayne has a problem down here and it isn't just his 1950s Defence Budget.

 

[extracta]

I've given up on moving AUD to GBP, it's down at 0.63 now - boo! Just as well I managed to move most of it over at 0.675 around the Olympics.

What do you find as the most cost effective method to move your money to another country??

 

[cove]

If you are in the other country you can move 1000 GBP per day using 28 Degrees card totally fee free as the London ATMs do not all have a fee for withdrawal.
For larger amounts I use Westpac and if you PM me I could give you their dealer desk for amounts over $25,000.
In the US there are usually ATM fees so you have to search out a machine that is reasonable.
You can open foreign currency accounts in Australia but the interest rates are beyond ridiculously low rates for US, Euro and Pounds Sterling.

 

[JohnK]

What do you find as the most cost effective method to move your money to another country??

If you are thinking what I think you are thinking then best bet would be to take the AUD with you next time.

Go to TOPS supermarket corner Second Road and Pattaya Klang and on second floor is a private money exchange. They generally have the best rates around and will even give you better rate than advertised rate if exchanging large sums.

I have been thinking of setting up an account in Thailand but cash flow is not great at the moment so will wait a little longer.

 

[meloz]

And I am heading overseas in 3 weeks.

I knew I should have hedged and purchased USD at 1.03 a week or two ago. It was 1.01 today but may not remain that way for too long....

Out of interest, why are you using USD in SEA instead of just using AUD?

 

[extracta]

If you are thinking what I think you are thinking then best bet would be to take the AUD with you next time.

Go to TOPS supermarket corner Second Road and Pattaya Klang and on second floor is a private money exchange. They generally have the best rates around and will even give you better rate than advertised rate if exchanging large sums.

I have been thinking of setting up an account in Thailand but cash flow is not great at the moment so will wait a little longer.

I am going to get an account when I go in November. I will take cash with me but also wanted to be able to move a little more across. The idea with the 28 degree mastercard is a pretty good one.