Instability in the middle east (oil prices going way up causing a blowout in inflation in developed countries), Japan facing a financial crisis (as much of the country grinds to a halt), and European countries still struggling with debt issues... my money is on our currency heading south as investors head back to 'safer' markets & their currencies.
But just like a home loan, I'd recommend converting half of your BotCon budget now to US$, and the other half closer to the convention, or as soon as any significant drop in the exchange rate happens. Even if the exchange rate improves, it isn't likely to improve a significant amount before BotCon for you to miss out on a huge amount of US$ (from the half you convert now).
For me, a significant amount of my spending will be on the keycard and credit card (so I don't carry around and lose a big wad of cash). So in my case, I just have to hope the rate doesn't drop too much before BotCon or during that week.
Better convert A$ to US$ if the rates are good enough than to gamble with rates at the time of Botcon.
Good news everybody
The Australian dollar soared overnight to levels last seen at New Year, touching a high of 102.29 US cents as investors grow more confident about the outlook for the global economy. Source: The Age
- US$ - 1.0442
- GB£ - 0.6392
- JP¥ - 89.1981
- EU€ - 0.7286
- NZ$ - 1.3386
Which brings us to where we are today...
I'm going to believe the hype that several economists are saying in that it will go up to $1.08 ~ $1.10
Just look at what has happened recently with all those natural disasters and the unrest in the middle east. Yet the AUD hasn't gone down as much as it has in the past whenever something bad has happened. Coupled with our higher interest rates then other developed countries plus a likely increase in demand for commodities from Japan (to rebuild) and the continued demand from China. I think we're looking good.
And when the State of California default on their debts and they will in the long term, its only going to get higher! $1.20 anyone?!?!
I'm quite happy with the Yen rate currently as I am heading over to Japan in just over 2 weeks!