The Australian Dollar $$$$$$

rightyabe

Looking through XE.com currency converter an I noticed that between the 7th Oct 2008-12th Oct 2008 the Dollar rose from:

€1 = $1.78897 to €1 = $ 2.10096

Thats a rise of $0.31199 in 5 days( It is also the highest the dollar was in 10 years, cause thats just as far as the graph will show)

And ever since then its been dropping on a gradual slope until it hit its record low (or high, which ever way you look at it) of $1.29553 against the € on the 8th January 2011.....since then it has been on a slow rise. It sits at $1.36521 for our euro as I write this..

What does all this mean? Why did it reach its record high (Oct 2008) just when Ireland (the euro) was entering "recession."

Anyone working in the Financial Sector who could tell me is the euro going to get stronger of weaker in the next year against the AUS $? (Whats the word on the street)


Also are the many Irish in Oz hoping that the dollar will drop/grow further so that when you come home to ireland $1 could be worth closer to €1 ( it stands at €0.73 today) If that rose to lets say €0.90 for a $1, i'm guessing people on whv's earning silly money labouring (approx $30-40 per hour) will be praying for that to happen as that would mean their earning in essance the equalivant of €27-36 per hour...

jackbhoy

rightyabe wrote: »

Anyone working in the Financial Sector who could tell me is the euro going to get stronger of weaker in the next year against the AUS $? (Whats the word on the street)

The general consensus is that the AU$ is bit overvalued and will drop back against the Euro this year, i think AIB CM are forecasting it to be around the $1.5 mark by end of the year. However, I wouldn't place too much faith in currency forecasts as there are so many potential impacts it's virtually impossible to call correctly. I had a look back at currency forecasts every quarter for last couple of years recently and in general they were miles off, even when only forecasting a quarter or two ahead.

Heading back over for second stint in Aus soon so hoping the euro makes some gains in coming months (but collapses in few years if/when I come back )

hussey

rightyabe wrote: »

Thats a rise of $0.31199 in 5 days( It is also the highest the dollar was in 10 years, cause thats just as far as the graph will show)

Mod I edited your post to get rid of size=4 - it's very annoying
and we had a little bit of a running commentary a few years back
http://boards.ie/vbulletin/showthread.php?t=2055408885
(in fact if you search for 'currency' you'll get lots of threads)

What does all this mean? Why did it reach its record high (Oct 2008) just when Ireland (the euro) was entering "recession."

Maybe ask the economics forum?

Anyone working in the Financial Sector who could tell me is the euro going to get stronger of weaker in the next year against the AUS $? (Whats the word on the street)

If we knew this, then we would all be VERY RICH ...

Also are the many Irish in Oz hoping that the dollar will drop/grow further so that when you come home to ireland $1 could be worth closer to €1 ( it stands at €0.73 today) If that rose to lets say €0.90 for a $1, i'm guessing people on whv's earning silly money labouring (approx $30-40 per hour) will be praying for that to happen as that would mean their earning in essance the equalivant of €27-36 per hour...

It's a two way street, most people over here want to make money to take home etc, but then again a high dollar can adversely affect the economy (tourism, exports etc) also when people arrive over it will be very expensive start in Aus.

PhiliousPhogg

It's the other way around, the AUD has been steadily gaining value against the USD, GBP and EUR since 2008. NZD has made big gains too. Mainly due to strong demand from Asian countries for commodities in Australia and Agricultural exports in NZ.

Many people can't see the trend continue because it has changed so much but at the same time it's true that the US and Europe have big public finance problems that won't be going away any time soon. Added to that the way oil prices are moving is quite scary now with speculation about what's going on in the Middle East and that can cause havoc among industries. China of course, along with the wider Asian region has been booming since the turn of the Millenium and how sustainable that is is anyone's guess.

So all in all it is a very volatile period across the globe - since 2008 that is. Status quo the AUD will stay strong.

daftdave

rightyabe wrote: »

Looking through XE.com currency converter an I noticed that between the 7th Oct 2008-12th Oct 2008 the Dollar rose from:

€1 = $1.78897 to €1 = $ 2.10096

Thats a rise of $0.31199 in 5 days( It is also the highest the dollar was in 10 years, cause thats just as far as the graph will show)

And ever since then its been dropping on a gradual slope until it hit its record low (or high, which ever way you look at it) of $1.29553 against the € on the 8th January 2011.....since then it has been on a slow rise. It sits at $1.36521 for our euro as I write this..

What does all this mean? Why did it reach its record high (Oct 2008) just when Ireland (the euro) was entering "recession."

Anyone working in the Financial Sector who could tell me is the euro going to get stronger of weaker in the next year against the AUS $? (Whats the word on the street)


Also are the many Irish in Oz hoping that the dollar will drop/grow further so that when you come home to ireland $1 could be worth closer to €1 ( it stands at €0.73 today) If that rose to lets say €0.90 for a $1, i'm guessing people on whv's earning silly money labouring (approx $30-40 per hour) will be praying for that to happen as that would mean their earning in essance the equalivant of €27-36 per hour...

you sure these labouring hourly rates are accurate , ive never seen a labouring job to pay that much !