Exchange rates?

[Mattt]

Anyone got their crystal ball at the ready? Want to transfer a load of AUD back to GBP and the rate looks awful at the moment

[onny]

I've been getting a report from Barclays wealth on a weekly basis for the last 5 years and they'd proofed to be fairly accurate for me. Their thoughts on GBP and AUD is as below with high confidence and last Friday's report has up'ed the forecast by a couple of cents from about 1 month ago and they have been forecasting a weaker Aus$ in general since last year which has proofed correct so far:

3 months 1.73
6 months 1.79
12 months 1.85

Please don't take this as a certain thing, it is just Barclay's forecast and can change quickly.

Don't forget to use one of the currency exchange company like HIFX instead of your bank as you'll get a better exchange rate than the bank will give you.

[Hoopsuk]

Its dropped 22% since April (to a near 4 year Low) and economists are predicting that to continue as the US RedRes and the ECB pull back on their quantitative easing programmes. I think its likely to stabilise around where it is for now then continue to drop in a month or two when the Fed announces what they will actually do. Whether is goes back to 2 AUD or above in the next few months, who knows.

Do you use Ozforex? I have found this to be the best for exchange rates and transfers, once set up it is very easy to use. Even going from a NAB AUD account to a NAB EUR account Oz forex beats their rate by a few %.

My tip would be get as much AUD out before the drop continues. Or be prepared to leave it here for a while until the next significant increase.

[Mattt]

Yeah I moved a load the other day by UKForex (OzForex).

I think I'm going to start shifting it monthly to minimise losses, I think the 2 AUD to £1 is probably where it's heading in the medium term after reading around a lot.