What's your prediction on the Australian Dollar?

[whatmeworry]

If Greece goes to their own currency it could give their tourism industry a boost. I just hope the chaos from their banking system does not hurt the most vulnerable.
Going back to the start of this thread we should have bought a few more U.S. Dollars at the rate of better than one for one.

It might not help if their is hyperinflation. Things will probably still cost the same after currency conversion or even more. However it might help manufacturing.

 

[drross]

off to Greece in about 5 weeks. found some old drachma on the weekend..made me wonder if they'll continue with the Euro. usually takes 6-24 months to change a currency

 

[robd]

Hindsight is a wonderful thing, isn't it.

Aussie at 74.49 so far today.

Back over 0.75

 

[JohnK]

Greeks defiant and overwhelmingly vote NO to bailout reforms.

Wasn't that the expected outcome? A lot of people are struggling there. They can't tighten the belt further.

Shame politicians cannot be held accountable for their actions or lack thereof.

 

[MEL_Traveller]

73.8c as of a couple minutes ago. Getting depressing.

 

[robd]

73.8c as of a couple minutes ago. Getting depressing.

Sheesh, take a day off and look what happens. What reason for this?

 

[wandering_fred]

Sheesh, take a day off and look what happens. What reason for this?

Toss up between Greece (grexit) and the Chinese stock market returning to "reality"
Add the success of fracking in the USA (maybe Australian farmers and politicians should both note) to reduce dependence on (and cost of) foreign energy.

Maybe there is the possibility of unhappy wandering

Fred

 

[Alanslegal]

Sheesh, take a day off and look what happens. What reason for this?

Blame the Chinese - their economy is tanking.

 

[robd]

Blame the Chinese - their economy is tanking.

And the RBA. They will get their wish yet.

 

[Awesom Andy]

Probably the Chinese this time. Half of the stock exchange is locked up in trading halts, so most used the Hang Seng as somewhere they can sell to hedge their Chinese exposure. And when they sell HK stock, they get HKD, which happens to be pegged to USD. No prizes guessing where that money has gone to.

 

[Flashback]

Toss up between Greece (grexit) and the Chinese stock market returning to "reality"
Add the success of fracking in the USA (maybe Australian farmers and politicians should both note) to reduce dependence on (and cost of) foreign energy.

Maybe there is the possibility of unhappy wandering

Fred

When we were in Lancashire 2 weeks ago we got the message that they don't like fracking..............

In any case, I woke up this morning to see the AUD -> GBP to drop below .48 for the first time too. It looks to have done an about face and currently bidding for .4813 so hopefully it does get back up to the 49p/50p mark so I can continue emptying my Aussie funds.

 

[JohnK]

73.8c as of a couple minutes ago. Getting depressing.

What do you mean getting?

 

[amaroo]

Toss up between Greece (grexit) and the Chinese stock market returning to "reality"
Add the success of fracking in the USA (maybe Australian farmers and politicians should both note) to reduce dependence on (and cost of) foreign energy.

Maybe there is the possibility of unhappy wandering

Fred

Makes me laugh watching some cream their jeans as BO bangs on about global warming ... meanwhile, he gets to enjoy the spoils flowing from a 45 year high oil output - hypocrite!

US oil output on track for 45-year high | TheHill

The United States is on track to see its most productive year for crude oil in 45 years.
The Energy Information Administration (EIA) forecast Tuesday that production will average 9.5 million barrels per day by the end of the year, after seeing 9.6 million barrels a day in the first half.

Meaning..

“Low gasoline prices and higher employment will contribute to more driving this year, boosting U.S. gasoline consumption an estimated 170,000 barrels per day higher than in 2014,” Sieminski said.

 

[amaroo]

73.8c as of a couple minutes ago. Getting depressing.

Those AA miles are looking expensive....

 

[eastwest101]

Blame the Chinese - their economy is tanking.

No - in my opinion the Chinese stockmarket is undergoing a correction, nothing at all wrong with the actual Chinese economy, except maybe they are going from a breakneck rate of growth to merely a fast rate of growth.

Meanwhile the Greeks actually have two choices - that the referendum and Greek politicians didn't want to talk about.
1. Have austerity & economic disruption thrust on them by the EU using the Euro currency followed by reform where they go back to work and start paying taxes
2. Have austerity & economic disruption thrust on them by the rest of the world, revert back to the Drachma followed by reform where they go back to work and start paying taxes

In either case - Greece is an insignificant part of the world economy and anyone who lends them money is a certified idiot and will lose their money. I saw some stats saying if Greece left the European Union tomorrow the average age of the EU would go down and the GPD of Europe would actually increase. Germany, Holland and most of the rest of Europe will be secretly glad to be rid of the Greeks and all their attendant debts, problems and troubles.

You have to laugh about the "flight to safety" towards the USD. Is this the same currency where the US Fed Reserve switched on the printing presses in 2008 and still hasn't turned them off? Still at least the strength in the USD and depreciation in the AUD might allow some Australian businesses and exporters to be globally competitive again.

A little too much liquidity and not enough investment is my diagnosis.

 

[MEL_Traveller]

What do you mean getting?

Cause I was hoping for a 'rebound'. And while there's hope there's... well... hope!

Now that hope is fading. The depression is setting in.

We don't seem to have any more jobs. Just more expensive petrol. More expensive imported goods. And we can all be happy prisoners not leaving Australia to go on holiday.

And politicians telling me this is good for me isn't making me feel any better.

 

[quokka77]

Could be worse. You could be AKL_traveller

 

[amaroo]

Good to see the kiwi back where it belongs :mrgreen:

 

[moa999]

buy your electronics now cause they will all be going up

 

[knasty]

73.8c as of a couple minutes ago. Getting depressing.

If your super is in foreign unhedged it's not such a.bad thing.