Australian Dollar At 70.5yen At The Moment!?

[CeJay]

so any advice for us uninformed ones?

[satanic]

Basic common sense really, start putting money away for that rainy day that's coming - and it will come soon unfortunately (already has for many). So many people have been made redundant over the last few months due to the global financial slump that there is now an overflow of labour on the market. Met with decreasing demands, firms have no choice but to limit output and raise prices to maintain revenues/cashflows.

The last projection report I glanced over stated that the AUD would be very very unstable until Feb/March 09 (even then it'll look dismal against the situations we had earlier this year or Aug-Oct 07).

I must say though that the RBA's decision to drop by 1% was surprising - bit of relief for those home owners!

[CeJay]

Sounds like stag-flation to me? ah well, good advice.

[Beer Baron]

well the RBA cut of 100bps actually f**ks our dollar more. currencey trade depends a lot on the differential in cash rates between markets and they just reduced ours by a fair whack. the lower it goes expect our currencey value to go with it. great if you have a mortgage. not great if you buy stuff from OS or travel a lot. I have/do both so it kind of balances out a little for me. but it's still fked.

[IBTL]

Basic common sense really, start putting money away for that rainy day that's coming - and it will come soon unfortunately (already has for many). So many people have been made redundant over the last few months due to the global financial slump that there is now an overflow of labour on the market. Met with decreasing demands, firms have no choice but to limit output and raise prices to maintain revenues/cashflows.

The last projection report I glanced over stated that the AUD would be very very unstable until Feb/March 09 (even then it'll look dismal against the situations we had earlier this year or Aug-Oct 07).

I must say though that the RBA's decision to drop by 1% was surprising - bit of relief for those home owners!

Im sorry, im new around here but how is it good for home owners?

If you have watched this, it isnt good for home owners at all!

Plus the rate will be cut again before years end so...not good news for the dollar

My old man told me to buy gold and swiss francs.

Edited October 9, 2008 by IBTL

[IBTL]

The banks have never really been fair with passing on the savings though have they?

Im not holding my breath. That would kill me.

[satanic]

RBA cutting rates will lead to commercial banks cutting rates... this will mean that common plebs like you n I who have mortgages will get some relief from high mortgage repayments due to higher rates (assuming you're on a variable rate loan).

For those who are on a fixed rate loan - yeah not much difference

[Skyalwaysblue]

its 65 today actually : (

[hojak]

its 65 today actually : (

damn that's low!

[akeenan]

got as low as 100yen = 64 AU cents today. waiting to see what lloyds set rate is tomorrow. if its at 68 like it was today its go time. making a few months worth of salary because of this thread hehe

ps satanic any idea when its going to be at its lowest give me a call

[satanic]

For those that are interested... just doing a batch of FX this morning and thought I might play around with some JPY

On the corporate account; normal rate is 66.4000 whilst a requested dealer rate is at 67.2000

Just for a comparo; I've just got off the phone with my own bank manager - best rate she can do for me on $10,000 AUD is 66.9000

akeenan; I assume you have container loads of Yen which you want to exchange for AUD Projected low points are between now and mid-November. Don't forget that these are projections and are subject to change if more poo hits the world-fan. There's another report coming out on Monday which will be more "accurate".

[knore]

I feel like buying gold bars the way things are going. As if Japan isnt expensive enough as it is!

For all those who want an amazing insight to what is happening and how stupid our society is..

http://www.zeitgeistmovie.com/main.htm

[Laurence]

It seems that silver is the new gold knore, I guess a stockpile of silver will come in handy when the world vampire conspiracy reveals itself and its minions attack. They will strike when we have become weakened, but while our blood is still juicy and fresh... and that boys and girls is as good as any prediction you are going to hear all week.

Projected low points are between now and mid-November.

Don't forget that these are horoscopes and are subject to change if Brad breaks up with Angelina.

Care to drag out your reports from two months ago and let us know what they said. I would be interested to hear

[satanic]

The reports didn't say anything positive, but it definitely wasn't THIS negative...

[akeenan]

Well today lloyds rate was 68.72. however on xe.com it was seen at around 65 early this morning.

Thanks Satanic, decided only to send back 1/3 of that container. hehe (i wish) but after realizing how much money was made Ive become very interested in exchange rates.

So much so that I have added an exchange rate widget to my desktop.

[GTR-N1]

and now we are in the 60s!! man I just wish I had my money in Japan, Id come back to Aus and buy a mansion at this rate LOL

unfortunately Im on the other side of this

Flip Side:-

Anything that you can export from Oz to Japan??? Or are they panicking there too? Any credit squeeze yet?

Tez

PS If they order Uraniums, I can send over Geraniums. Just do a runner after the 1st container arrives.

[mxfly]

Honestly though, the aussie dollar was never going to be sustainable at 100+ yen. More realistic mark would be at around 80-90. When a global financial crisis looms, everyone suffers.

Like Baron said, the yanks are pulling their money out of foreign investments big time. Stupid asses from the AIG was unwinding their assets in oz dollar worth 8 billion dollars in one day, resulting in the dollar falling from 72 to 63 yen. What they should do is sell the oz dollar and buy back in yen and pay their debts in Japan.

[mr33gts4]

Theres little that we can do at the moment to sustain the economic market. The more people sell the AUS currency, the worst its going to be. Im just hoping it wont drop back down to .60USD...

[Magic]

I fly out to Tokyo this weekend for 2 weeks. They couldn't have picked a worse time for it to drop.

[philta]

zeitgeist is one of the most interesting doco/movie ive ever seen. i would recommended to any1, it will open up your eyes quite a bit.

if u guys got a spare 2 hours watch zeitgeist, make u really wonder what kind of banking system society works under.