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Australia $ Value, Economic Direction?

TLCOhio
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MicCanberra Holiday Sharing Rare

MicCanberra

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I'm glad we don't have that to worry about any more. Paying off your mortgage is a great feeling. Better than Toyota's great feeling. :D:D

 

Yes, I have done it once, but really need to do it soon for this one. It is starting to effect my holiday plans.:D

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The_Big_M

The_Big_M

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But consider that the drop is a little over 10%. If you keep this US cash for two years you would have done just as well if you invested the Aussie dollars at 5% interest (provided you could get that rate). I am just making a point that often we stress out too much over a drop in the exchange rate, particularly when (as in our case) it is only one component of a trip when the main costs are paid for in AUD. The US$ are spending money.

 

Very true!

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The_Big_M

The_Big_M

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Rates have been cut by 25 basis points (0.25%).

The AUD has bounced up from 89.25 this morning to 89.52 (USD) just after the announcement. Probably only temporary, but who knows what the AUd will be tomorrow.:D

 

Pretty happy about this. It lost the 3 c when everyone got the message that it was going to fall a week back.

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The_Big_M

The_Big_M

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I discovered $10US in the top drawer the other day from our cruise last year. Might cash it in and make a bit of a profit. Look out shops, I'm about to boost the economy! :D

 

Just watch out for the $10 currency conversion fee. :D

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Aus Traveller

Aus Traveller

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Just watch out for the $10 currency conversion fee. :D

That is what I was thinking. From memory banks have a fee of $8 and I have encountered a $15 fee. It wouldn't be worth changing $10.:D Hang on to it for some future trip.

Edited by Aus Traveller
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Jacs

Jacs

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Terry from Ohio has inspired me to check out what other countries are saying about the interest rate cut, this one from the New York Times

 

http://www.nytimes.com/2013/08/07/business/global/australian-central-bank-cuts-key-rate-to-record-low.html?_r=0

 

It's kind of nice to read about it from a non bias, left or right leaning perspective for a change :D

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MicCanberra Holiday Sharing Rare

MicCanberra

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Terry from Ohio has inspired me to check out what other countries are saying about the interest rate cut, this one from the New York Times

 

http://www.nytimes.com/2013/08/07/business/global/australian-central-bank-cuts-key-rate-to-record-low.html?_r=0

 

It's kind of nice to read about it from a non bias, left or right leaning perspective for a change :D

 

Refreshing journalism.:D

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TLCOhio "Live from...." Rare

TLCOhio

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Terry from Ohio has inspired me to check out what other countries are saying about the interest rate cut, this one from the New York Times

http://www.nytimes.com/2013/08/07/business/global/australian-central-bank-cuts-key-rate-to-record-low.html?_r=0

It's kind of nice to read about it from a non bias, left or right leaning perspective for a change :D

 

YES, appreciate the mention that I am being "inspiring". It is good to sample a range of reporting on these complicated issues. Of course, it is hard to predict and know on the foreign currency fluctuations or the stock market. Below is more of an update and some of the factors at "play". Not simple or easy to guess or predict. Lots of factors involved!!

 

From Bloomberg News within the past few hours this morning, they have this headline: "Aussie Dollar Falls Versus Most Major Peers Before Jobs Report". From the Wall Street Journal this morning, they have the Aussie dollar at $0.8943. That is up slightly from when it had dipped recently a little below 89 cents.

 

Here is some of the Bloomberg News story highlights, factors and analysis for both countries down under: "Australia’s dollar fell versus most of its major counterparts ahead of a report tomorrow forecast to show the unemployment rate rose to the highest in four years. New Zealand’s dollar held its biggest gain in almost two weeks against the greenback after a successful milk powder auction reduced concern about a contamination recall in China. The Reserve Bank of Australia said it would monitor the economy to decide on further policy action when it cut the benchmark rate to a record yesterday. 'The general outlook for the Australian economy, despite what’s going on in the housing market right now, seems to be one of concern, particularly heading into tomorrow’s employment report,' said Jim Vrondas, the Sydney-based chief currency and payment strategist at OzForex Pty. 'Given that the Aussie failed to sustain any move above 90 U.S. cents after the RBA, it’s only natural that we see markets start to sell off again.' New Zealand’s dollar advanced to 79.13 U.S. cents after climbing 1 percent yesterday. Australia’s unemployment rate probably rose to 5.8 percent in July. That would be the highest since August 2009. RBA Governor Glenn Stevens said in a statement yesterday after cutting the benchmark rate to 2.5 percent that the board 'will continue to assess the outlook and adjust policy as needed to foster sustainable growth in demand.' The central bank is trying to stimulate growth in manufacturing, construction and retail, as a record mining-investment boom wanes. The Aussie has fallen 11 percent over the past three months, the most among 10 developed-market currencies tracked by Bloomberg Correlation-Weighted Indexes. New Zealand’s dollar is the second-worst performer, with a 5.3 percent decline."

 

Full story at:

http://www.bloomberg.com/news/2013-08-07/aussie-dollar-falls-versus-major-peers-before-employment-data.html

 

THANKS for the various Aussie insights, comments, etc.! Enjoy! Terry in Ohio

 

Did a June 7-19, 2011, Celebrity Solstice cruise from Barcelona that had stops in Villefranche, ports near Pisa and Rome, Naples, Kotor, Venice and Dubrovnik. Enjoyed great weather and a wonderful trip. Dozens of wonderful visuals with key highlights, tips, comments, etc., on these postings. We are now at 138,649 views for this live/blog re-cap on our first sailing with Celebrity and much on wonderful Barcelona. Check these postings and added info at:

http://www.boards.cruisecritic.com/showthread.php?t=1426474

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MicCanberra Holiday Sharing Rare

MicCanberra

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Thanks Terry, the RBA has also stated repeatedly that the AUD is too high, so that may be great news for you and your fellow tourists, not so great for us. The AUD is hovering at $0.90 at the moment.:D

Edited by MicCanberra
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Jacs

Jacs

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Yes the RBA is definitely trying to orchistrate a drop in the dollar with their comments, and the rate cuts will help that. It's a bit of a self fulfilling prophecy isn't it, make a comment that the dollar may weaken, people panic, sell of and hey presto, dollar drops :rolleyes:

 

Although I shouldn't complain, I work in the building industry so anything that makes building a house or investing in development seem enticing, it makes my job more stable.

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MicCanberra Holiday Sharing Rare

MicCanberra

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Yes the RBA is definitely trying to orchistrate a drop in the dollar with their comments, and the rate cuts will help that. It's a bit of a self fulfilling prophecy isn't it, make a comment that the dollar may weaken, people panic, sell of and hey presto, dollar drops :rolleyes:

 

Although I shouldn't complain, I work in the building industry so anything that makes building a house or investing in development seem enticing, it makes my job more stable.

Yes, the other thing they do is say there is nothing to panic about so people panic.:D

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bobhsv

bobhsv

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Down because of?

 

It sounds like you're talking short-term.

 

No major reasons, simply a personal feeling, that's all:) I had thought it may drop to the low 80's. If we could predict, we would all be richer!

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NSWP

NSWP

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Aussie dollar is currently 90.09. I had expected it to go down, not up. Lucky I don't make my living by market predictions.

 

At least we have 90 cents again, up we go, I need to buy for South America, they love the USD there.

Edited by NSWP
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bobhsv

bobhsv

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At least we have 90 cents again, up we go, I need to buy for South America, they love the USD there.

 

Yes, I am going to buy too. Stash some more away for our Asian cruise next year. Most tour operators over there want payment in US$.

Funny how 90 feels so much better than buying at 89:D

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Kiwi Kruzer

Kiwi Kruzer

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At least we have 90 cents again, up we go, I need to buy for South America, they love the USD there.

 

As long as the notes are crisp new ones without any marks or tears on them. In Peru , South America , we had a taxi driver make one of us wait in the car while the other had to go back on board to get a new US note as there was a slight nick in the one we gave him.

Insist when picking up cash from your bank ,or wherever ,that the notes are brand new.

Also with the sophistication of printers these days , counterfeits are becoming common and people are shying away from cash.:eek:

 

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