Aussie dollar falling

niva*sis · 16-03-2015 12:12am

Anyone hanging out for the .73 or even higher?

niva*sis · 16-04-2015 6:20am

Time to do another bulk transfer, good rate at the moment

browne_rob5 · 19-04-2015 12:16pm

res ipsa wrote: »

Buy USD and only change to euro when you have to.

What service do you use to buy and sell different currencies?

AngryHippie · 20-04-2015 10:40pm

currencyfair goes alright.
Have done Forex before, it was a bit painful

aido79 · 21-04-2015 5:45am

Just as a matter of interest what sort of accounts are people transferring their money to? If you are transferring from an Australian savings account to an Irish account then you are losing money straight away because the interest rates in Ireland are so low compared to the interest rates offered by Australian banks. This means that while you are getting a decent exchange rate at the minute you are actually losing money for every day that your money sits in an Irish account. The only reasons I can see for moving money to Ireland at the minute is if you have found some really high interest rate that no one else knows about, you think the exchange rate is going to drop again very soon, you are moving home next week and need the money straight away or you are investing it in property or something in Ireland.

niva*sis · 21-04-2015 6:01am

aido79 wrote: »

Just as a matter of interest what sort of accounts are people transferring their money to? If you are transferring from an Australian savings account to an Irish account then you are losing money straight away because the interest rates in Ireland are so low compared to the interest rates offered by Australian banks. This means that while you are getting a decent exchange rate at the minute you are actually losing money for every day that your money sits in an Irish account. The only reasons I can see for moving money to Ireland at the minute is if you have found some really high interest rate that no one else knows about, you think the exchange rate is going to drop again very soon, you are moving home next week and need the money straight away or you are investing it in property or something in Ireland.

Hi Aido,

I am just doing it as proof of savings in my irish acc as I want to get a mortgage there and I need to show 6 months of statements back there.
I have most of my savings here earning interest

I just send the bare minimum back to the irish acc and you are correct the savings interest back there is very bad. :eek:

aido79 · 21-04-2015 6:56am

niva*sis wrote: »

Hi Aido,

I am just doing it as proof of savings in my irish acc as I want to get a mortgage there and I need to show 6 months of statements back there.
I have most of my savings here earning interest I just send the bare minimum back to the irish acc and you are correct the savings interest back there is very bad. :eek:

Makes sense to do that in your case then. Just out of interest is it hard to get a mortgage back there when you live here and do the savings have to be with an Irish bank?

niva*sis · 21-04-2015 7:13am

what I have been told is that if I buy in Ireland while still living here then I need a minimum of 35% deposit as AIB will give 65% as a buy to let if you live abroad.
they will look for 6 months bank statements from an Irish Bank acc and 6 months from an abroad bank account. and also the obvious like credit rating etc...

statina · 21-04-2015 10:15am

Good question Aido, I have been pondering this for the last couple of weeks. I will be looking for a mortgage when I go home this year and have been transferring to my Irish acc to show a record of savings. But I'm earning feck all interest from my boi savings acc.

Thinking of just leaving it in my aus acc and transferring it in one swoop when I go home. Niva sis, any idea if you are in Ireland when you apply for a mortgage, (after 6 months of been at home) do they still need statements from your Aus bank?

d.pop · 21-04-2015 10:42am

I was in with my branch of BOI last July and they said the best they could do for a non-resident mortgage was 50%.

I guess if you have the money to put in at the beginning the advantage is your mortgage payments on a typical house are going to be quite low but I'd be nervous about the bank having so much of my money wrapped up in a "joint" property.

niva*sis · 22-04-2015 12:36am

Hi Statina,

I wouldn't be 100% sure being honest.

AIB have a forum on boards where you can ask questions its called "ask aib".

you should take a look at their page and suss it out straight from them.

before I asked them the questions I was told by a few different people that I had to show two years savings! so its better to get it straight from the horses mouth.

niva*sis · 29-04-2015 12:45am

Rate was at .73 on xe this morning!

catbear · 05-05-2015 5:30pm

Interest rate cut gave the Aussie a bounce, at €.71 now.

niva*sis · 06-05-2015 12:20am

speaking of interest rates my ANZ progressive saver rate which was 3.7% is gone down to 2.95%
I know it doesn't seem like much but you would notice it every month.

lg123 · 08-05-2015 8:50am

niva*sis wrote: »

speaking of interest rates my ANZ progressive saver rate which was 3.7% is gone down to 2.95%
I know it doesn't seem like much but you would notice it every month.

yup, my goal saver with comm bank is down from 4% to 3%, not a recent thing though - think they done that around christmas.

jockey#1 · 08-05-2015 11:14am

niva*sis wrote: »

speaking of interest rates my ANZ progressive saver rate which was 3.7% is gone down to 2.95%
I know it doesn't seem like much but you would notice it every month.

Still some better rates to be had if you shop around.

I'm currently getting 3.60% with bankwest albeit with some restrictions mainly no withdrawals otherwiss rate reverts to 0.01%

skippy2 · 12-05-2015 12:55am

Try the UBank Ultra Account set up currently paying 3.62% inc bonus

lg123 · 29-06-2015 4:32am

this should be an interesting week

Batgurl · 29-06-2015 5:16am

Would a Greek implosion help or hinder? I'm thinking hinder in the short term but help in the long term as Greece leaves the euro. Is that correct?

Peregrinus · 29-06-2015 5:25am

Batgurl wrote: »

Would a Greek implosion help or hinder? I'm thinking hinder in the short term but help in the long term as Greece leaves the euro. Is that correct?

Help or hinder what, exactly? In the short term you'd expect a Greek exit to lead to a decline in the value of the euro relative to other currencies, inc. the AUD. This helps if you have AUD and would like to by EUR, but it hinders if your situation is the reverse.

AngryHippie · 29-06-2015 5:36am

I think it will be the other way around.

A brief capital flight over the next few weeks until things firm up again in Europe will see the AUD pop up against EUR, then long term with Greece out on its bum, EUR will stabilize in a big way and AUD will taper back down to the .66 mark.

Unless

The AUD jump is sharp enough and sustained enough to expose the foreign property investment in the Aussie housing market (6-8 weeks would probably start to hurt it) in which case, there is a very real chance of the bubble letting go over here, which would be a disaster as it's about as overheated as anywhere in the world has ever been in SYD and MEL, with BNE not far behind.

We live in interesting times.

jank · 29-06-2015 8:03am

Short answer, who knows.

Long answer well it depends on your time frame. There is going to be a lot of volatility this week, so if you are looking to buy euros with your AUD to use them soon, then it may be a good time for it. Above .70 seems to be a good benchmark if it gets to that point.

Don't rush into anything and DYOR.

Noo · 30-06-2015 3:45am

AngryHippie wrote:

The AUD jump is sharp enough and sustained enough to expose the foreign property investment in the Aussie housing market (6-8 weeks would probably start to hurt it) in which case, there is a very real chance of the bubble letting go over here, which would be a disaster as it's about as overheated as anywhere in the world has ever been in SYD and MEL, with BNE not far behind.

That would definitely be interesting. Some aussies I work with are buying second properties saying that its the best investment and the prices are going to keep rising. I ask are they not worried about the bubble bursting and they say no because australia managed to avoid the financial crisis. Possibly the most frustrating conversation an irish person can have!

AngryHippie · 30-06-2015 4:16am

Noo wrote: »

That would definitely be interesting. Some aussies I work with are buying second properties saying that its the best investment and the prices are going to keep rising. I ask are they not worried about the bubble bursting and they say no because australia managed to avoid the financial crisis. Possibly the most frustrating conversation an irish person can have!

particularly when the parrot back the sh1te they've been fed by a real-estate agent as representing any kind of financial advice.

Asking a shark for swimming lessons FFS.

catbear · 30-06-2015 11:57am

It seems that whatever the € loses on Greece the Aus$ is losing on the China slowdown. No real change at the moment.

aido79 · 01-07-2015 8:19am

Noo wrote: »

That would definitely be interesting. Some aussies I work with are buying second properties saying that its the best investment and the prices are going to keep rising. I ask are they not worried about the bubble bursting and they say no because australia managed to avoid the financial crisis. Possibly the most frustrating conversation an irish person can have!

I have had the same argument with lots of Australians. Most of them seem confused when you try to explain to them that it is possible to lose money investing in property especially the younger ones who have only seen property rise in value.

lg123 · 06-07-2015 1:23am

so they have picked no. any guesses on where the euro will land in the short term?

catbear · 06-07-2015 1:31am

Might weaken against the Aus$ today but the vote itself makes little difference, a grexit has been expected and now looks more likely.
The huge drops in shanghai have more bearing on the Aus$ in the near future.

lg123 · 06-07-2015 2:11am

whats driving my interest, i need to send some euro home for a big expense next year. have the cash sitting here in a 3% interest account. my bank at home are paying nothing from what i can see. trying to decide if this Greek debacle is an opportunity.

AngryHippie · 06-07-2015 2:34am

lg123 wrote: »

whats driving my interest, i need to send some euro home for a big expense next year. have the cash sitting here in a 3% interest account. my bank at home are paying nothing from what i can see. trying to decide if this Greek debacle is an opportunity.

keep a close eye on it.
The drop in commodity prices at the moment are stopping any AUD gains.
If that stabilizes before Grexit, you might see some rises, probably not though.

BoatMad · 06-07-2015 2:49am

lg123 wrote: »

so they have picked no. any guesses on where the euro will land in the short term?

It will result in little net change in the euro value. Greece is less then 1.9% of EZ GDP. It's like saying Puerto Rico default would damage dollar

res ipsa · 07-07-2015 8:43am

BoatMad wrote: »

It will result in little net change in the euro value. Greece is less then 1.9% of EZ GDP. It's like saying Puerto Rico default would damage dollar

Just like letting Lehman Brothers go did no damage.

catbear · 08-07-2015 12:09am

Iron ore dropping below $50, shaghai down a lot, Grexit is priced in, I reckon the aus$ is going to drop a good bit over the next weeks which is crap as I've more to move out of there!

ArseBurger · 08-07-2015 1:21am

Chinese chaos worse than Greece

gudede · 20-07-2015 9:22pm

Alright lads... Are people still of the view that the dollar will drop compared to tye euro?? Currently around 0.68, would love for it to increase to around 0.71...guessing that won't happen any time soon.

witnessrenegade · 21-07-2015 1:46am

gudede wrote: »

Alright lads... Are people still of the view that the dollar will drop compared to tye euro?? Currently around 0.68, would love for it to increase to around 0.71...guessing that won't happen any time soon.

Would like to hear more on this too as Im gonna be bringing home a nice chunk with me in about 4 week. Also, who does everyone use for sending home cash? I was transferring it usually through my banks but I think im gonna give Currency Fair go this time

AngryHippie · 21-07-2015 2:25am

witnessrenegade wrote: »

Would like to hear more on this too as Im gonna be bringing home a nice chunk with me in about 4 week. Also, who does everyone use for sending home cash? I was transferring it usually through my banks but I think im gonna give Currency Fair go this time

http://www.ozforex.com.au/news-commentary/daily/2015/7/21/traders-look-to-rba-monetary-policy-meeting-minutes-for-direction

http://www.ozforex.com.au/news-commentary/weekly/2015/7/20/weekly-newsletter

Its not a bad place to keep an eye on developments and it does highlight the relevant reports that will drive changes.
It's all about timing.

And of course....
http://www.rba.gov.au/monetary-policy/rba-board-minutes/2015/index.html

should be released later today.

cnocbui · 21-07-2015 3:53pm

gudede wrote: »

Alright lads... Are people still of the view that the dollar will drop compared to tye euro?? Currently around 0.68, would love for it to increase to around 0.71...guessing that won't happen any time soon.

I am completely unqualified to give anyone advice, but as an anecdote, I have been telling myself lately that 0.68 is the new 0.70.

catbear · 12-08-2015 7:34pm

The Yuan devaluation has taken the Aus$ down with it, bouncing off .65c now.

Noo · 13-08-2015 6:10am

catbear wrote:

The Yuan devaluation has taken the Aus$ down with it, bouncing off .65c now.

It'll probably keep dragging it down, interesting time ahead

Sundy · 13-08-2015 6:18am

I fear my trip home to Ireland is going to be very costly

cnocbui · 24-08-2015 11:47am

Watch out belowwwwww.......

statina · 25-08-2015 2:43am

.61 today :-(

Hopefully things will steady again in the next couple of weeks

In Exile · 25-08-2015 3:37am

statina wrote: »

.61 today :-(

Hopefully things will steady again in the next couple of weeks

I had planned on heading to the States for my 30th next year. Suddenly a decent trip has gone from costing about $6-7k to at least $10k for a holiday.

I pity anyone going home soon if it doesn't bounce back. It will cost a fortune

rightyabe · 25-08-2015 3:42am

Thankfully I sent a slab home at around 71cents that'll do me over xmas. Feel sick watching my savings I was planning on sending home drop **** loads.

aido79 · 25-08-2015 7:40am

rightyabe wrote: »

Thankfully I sent a slab home at around 71cents that'll do me over xmas. Feel sick watching my savings I was planning on sending home drop **** loads.

The flip side of that is the money you missed out from the extra interest you could have earned by keeping the money in Australia compared to the almost non existant interest rate with Irish banks.

gudede · 25-08-2015 7:44am

I can see it heading towards 0.56 cent in the next month or so, China is ****ed and Australia wasnt in a real healthy place before China's devaluation. Sell the Dollar for 4-5 months and then buy it back when it increases.

witnessrenegade · 25-08-2015 9:13am

Just home from Oz, woke up yesterday to transfer my funds, nearly had a heart attack! Keeping a close eye on it so hopefully it moves a small bit back to what it was before the weekend before I send it

aido79 · 25-08-2015 11:17am

gudede wrote: »

I can see it heading towards 0.56 cent in the next month or so, China is ****ed and Australia wasnt in a real healthy place before China's devaluation. Sell the Dollar for 4-5 months and then buy it back when it increases.

Is that a wild guess or expert advice on how the dollar will perform in the coming months?

catbear · 25-08-2015 11:47am

aido79 wrote: »

Is that a wild guess or expert advice on how the dollar will perform in the coming months?

It all depends on China. If chinese companies are suspend spending on core commodities form Australia the demand for the Aus$ is only going to weaken.

If the Chinese government steps in, suspends trading etc and announces another investment spree then we'll see a bounce back.

However internationally there may also a general sell off of Australians stock to reduce exposure to China so sentiment may already be against Aus$.

Aussie dollar falling

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