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Hi guys
Just looking for some advice. I'm living in Australia, i moved from the UK. I have not moved my savings over the because of the bad exchange rates with the Aussie $ being at a 50 year high against the £.
The exchange is volatile, and can spike 10 points with the jitters in europe. If the euro collapses or wobbles, people pile into sterling or the green back for security and dump the aussie and kiwi dollars. This has happend 3 times when the asian stock markets get a lot wipped off.
The economy here has slowed but is far from recession, house prices are a lot more expensive than the UK although wages are a lot higher here. Obvisouly the main driver is the mining industry in australia shipping to china. If the chinese economy slows this would wack the resources sector here. Interest rates were dropped and may come down further but are still 4.5% at present which keeps the $ strong.
So my questions is do I transfer my savings over now or do I hold out that there might be a rebalence between the aussie $ and the £ in the near future?
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Australian $ And Economy
when to transfer my savings
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Posted 26 November 2011 - 01:25 PM
UKguy1979, on 26 November 2011 - 12:28 PM, said:
Hi guys
Just looking for some advice. I'm living in Australia, i moved from the UK. I have not moved my savings over the because of the bad exchange rates with the Aussie $ being at a 50 year high against the £.
The exchange is volatile, and can spike 10 points with the jitters in europe. If the euro collapses or wobbles, people pile into sterling or the green back for security and dump the aussie and kiwi dollars. This has happend 3 times when the asian stock markets get a lot wipped off.
The economy here has slowed but is far from recession, house prices are a lot more expensive than the UK although wages are a lot higher here. Obvisouly the main driver is the mining industry in australia shipping to china. If the chinese economy slows this would wack the resources sector here. Interest rates were dropped and may come down further but are still 4.5% at present which keeps the $ strong.
So my questions is do I transfer my savings over now or do I hold out that there might be a rebalence between the aussie $ and the £ in the near future?
Just looking for some advice. I'm living in Australia, i moved from the UK. I have not moved my savings over the because of the bad exchange rates with the Aussie $ being at a 50 year high against the £.
The exchange is volatile, and can spike 10 points with the jitters in europe. If the euro collapses or wobbles, people pile into sterling or the green back for security and dump the aussie and kiwi dollars. This has happend 3 times when the asian stock markets get a lot wipped off.
The economy here has slowed but is far from recession, house prices are a lot more expensive than the UK although wages are a lot higher here. Obvisouly the main driver is the mining industry in australia shipping to china. If the chinese economy slows this would wack the resources sector here. Interest rates were dropped and may come down further but are still 4.5% at present which keeps the $ strong.
So my questions is do I transfer my savings over now or do I hold out that there might be a rebalence between the aussie $ and the £ in the near future?
Always DYOR (do your own research.)
However, I am in a similar position, so here is what I am thinking. I suspect there will be a better time to exchange. My observation has been that the AUD weakens versus the USD more than GBP does do when markets crash, i.e. GBP strengthens versus AUD. However, past behaviour does not guarantee future behaviour.
Also, do not use your bank, but send through someone like ukforex.com or similar. You pay a much smaller spread than what is paid if a GBP transfer is received by an Australian bank directly.
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