[scotty]

The australian dollar is at a 13-year high against the pound so it's not exactly the best time to be thinking of converting pounds for aussie dollars. But if we're going to make the move then we'll have to convert soon.

What's everyone else dong?? Are you holding out for a recovery in the pound or just taking the rate that's on offer now?

For us it wil mean a bigger mortgage in Aus which was exactly what we did nor want.:(

[fran]

I really feel for you because it is such a bad time to change money over. Once you are here and earning Aus dollars it will not feel so bad and you can always rent for a while to see if the situation improves.

[Cliff]

I agree with Fran that once you are out here and are earning dollars things will look differently. If you can, don't let the exchange rate get in the way of your dreams. As Fran said you can always rent to begin with and keep any capital in the UK for a while and see if the exchange rate improves.

Current rate doesn't look too good this morning on XE at $1.87 to the pound.

[scotty]

Just when you think it can't get any worse - it gets worse on XE.com midpoint is 1.858.:eek:

That is so bad for us.

[Redwood]

Mervyn King has been talking the pound down today, so I don't see any recovery in the exchage rate soon.

[grumps]

The whole thing is getting ridiculous. HSBC web site advises $1.74 to the £ this morning; notwithstanding the parlous state of the UK economy, this exchange rate cannot posibly reflect a proportionate:mad: comparison between the two economies. Maybe the masters of the universe are at it again!

[scotty]

Well I looked again today and saw 1.843 midpoint, so heaven knows what we would actually be offered - it's getting to the point where I'm too scared to look.

[scotty]

1.819 XE midpoint and this is just getting silly - I'm going to bed now and when I wake up this rate will have been a bad dream. :(

What's Darling been saying today to cause this??

[Redwood]

The Telegraph has an article on this:

"But the more profound reasons for pound weakness show why it could become dangerous. The BoE's quantitative easing (QE) scheme involves printing an additional £175bn worth of pounds. The laws of supply and demand prevail. More pounds will likely be cheaper pounds.

The Government's fiscal deficit is as sizeable as the QE programme, a monumental 13pc of GDP. There is not as yet any plan to reel it in come 2010-11. When it comes it must involve reversing fiscal stimulus – and could provoke revenue-sapping recession.

The UK's path to financial soundness is utterly unclear. Foreign investors are concerned. There is a risk that the pound's fall could become precipitous and panicky."

http://www.telegraph.co.uk/finance/breakingviewscom/6240615/Bank-of-England-walks-tightrope-as-sterlings-fall-poses-a-number-of-risks.html

[scotty]

Bit steadier tonight - thank heavens- 1.831

[jimjams]

With the Aussies upping their interest rates I see that £1 = $1.797 mid market just now.

Anyone buying currency is obviously going to get worse than that.

I see HSBC is doing £1 = $1.693 although brokers will definately do better than that.

[scotty]

According to XE 1.788 tonight. :confused:

My 4-bedroom house with sea views in Brisbane is now looking more like a wooden shack in the outback! I think we'll be leaving our pounds in the UK and converting over to dollars the minimum needed to get us settled in.

[Joannes]

You can try to change your money in stages instead of one go. This way, it will even out(average out) the differences. If you do not required all the cash right now, this option will be recommended. :)

Hope this helps
Jo

[scotty]

You can try to change your money in stages instead of one go. This way, it will even out(average out) the differences. If you do not required all the cash right now, this option will be recommended. :)

Hope this helps
Jo

Thinking about doing this - but at the moment wondering how low £ can go??

[scotty]

Aus dollar is now at a 25 year high against the pound.

[Cliff]

Xe.com now at 1.766 tonight.

[littlekoalabear]

I read in the Sydney Herald that just a quarter percentage increase in the prime rate would increase the monthly home payments by $40. Supposedly, because home prices are stabilising possible everywhere in the world, that banks can safely raise these rates ever so slightly as buyers and owners want some security. Thus is recovery and they say it could take years. Luckily, Australia has not been hit as heavily. Even the exchange rate with the U.S. dollar is dropping, which just reinforces this. The Australian economy is better off than many. One of the reasons we would like to get over there. What I would do is put what money you can into a long-term interest bearing account and just wait it out until the rates are favorable. I am not a financial advisor so you might want to speak with a professional.

[scotty]

What I would do is put what money you can into a long-term interest bearing account and just wait it out until the rates are favorable. I am not a financial advisor so you might want to speak with a professional.

It looks like it's going to be the only option for us with the rate now 1.753:(

[fran]

Big movement on the currency markets recently as the pound has fallen to a new 25 year low against the Australian dollar.

"The Australian dollar has soared to a 25-year high against the British pound, buoyed by stronger than expected retail sales, as it powers ahead against most major currencies, including the US dollar.

The Australian dollar was recently trading at 57.65 British pence - the highest exchange rate since May 1985. This is higher than last year's record of 56 pence, and means that one British pound is now worth $1.73. "

http://www.smh.com.au/business/markets/dollar-soars-to-25year-high-against-pound-20100107-lvrw.html

[heather]

Pound is down to 1.73 !! Making things very tough for those wanting to move to Aus.

[frank s]

Very disappointed with the exchange rate at the moment. It has picked itself up a bit to 1.76 today but being realistic we are going to have to accept that we have picked a bad time to move to Aus as far as exchange rates are concerned. Still, there may be some more positive news and the pound might bounce up a bit more yet.

[PamInPerth]

The pound has recently dropped from 1.82 to 1.74.:( I wonder if the bad news from Greece is having an impact on sterling?

[aussie]

On the XE converter, one pound = $1.74 Australian dollars. If you are keen on purchasing a property and find something you like, it is better to convert the money. Property prices in Australia are increasing, and if you find something you like it is better to purchase it rather than wait for the pound to increase in value.

[Thongs of Praise]

The pound has recently dropped from 1.82 to 1.74.:( I wonder if the bad news from Greece is having an impact on sterling?

UK government debt figures out yesterday are horrific - no doubt people in the know had an inkling about what was coming. ;)

[BobInOz]

On the XE converter today, it's now showing £1= $1.712 Australian dollars. Don't expect it will improve much in the short term with so much uncertainty in the UK.

[quincy]

Sterling reached a new 26 year low today 1.00 GBP = 1.70483 AUD. Seems that the Bank of England is happy to devaluate as it will boost UK exports and encourage a recovery.
http://www.torfx.com/blog/2010/02/fx218-foreign-exchange-australian.html

[Cliff]

Expect more falls today for sterling. A good time to travel to the UK for Aussies. Current rate on XE was $1.00 AUD = 0.591860 GBP. One dollar is almost buying 60p.