Currency rates (added every week or two).

[griffin]

The aussie dollar is dropping faster against the USD & JP Yen than a poor guy getting kicked in the u know where.

It was expected that we would have a drop after the interest rate cut last week, as it makes it less inviting to invest in our currency if there are other currencies that now have higher returns.
But the double-whammy was the budget on the same day, driving speculation that there will be more rate cuts as our economy continues to be sluggish amid the unreliable nature of when we will ever return to surplus (which makes foreign investors less confident in investing here or any country that can't foresee the end to their deficits, as it could mean future austerity measures that will negatively impact on businesses and investments).

The annoying thing (for us importers) though, is that the Reserve Bank has been saying for a long time that they would like to see the Aussie Dollar go below 70 US cents so that the benefits our exporters, and make our domestic business more competitive to foreign products.

We were at 78 US cents four weeks ago, and now we are at 72... but I think we can expect it to go further if the Reserve Bank (and Federal deficits) have anything to do with it.

[GoktimusPrime]

AUD slumps thanks to Brexit.

[TAAUBlaster]

Once again, nothing to do with us - but we become the forex whipping boy

[GoktimusPrime]

Which just goes to show how stupid the Foreign Exchange system is where the value of currencies are based more on what people reckon currencies are worth (speculation) instead of what they're actually worth (economic status/performance). Mind you, it does work in our favour when the AUD is over-valued. But times like this when it's being grossly under-valued totally sucks.

[griffin]

With that title I was expecting to see the AU$ plunging to the 60s, but we only dropped 3 US cents, and back up 1.5 cents within hours, to be above what we were just days ago.

It's actually been a bigger rollercoaster ride in the two months before the brexit...

18/4 - 78.05 US cents (the highest peak since 25th May 2015)
30/5 - 71.59 US cents (the lowest point since that peak in April, after 6 weeks of gradual sliding)
21/6 - 75.11 US cents (a peak after 3 weeks of rises)
22/6 - 74.43 US cents (a small dip before a big rise of 2 cents in the next two days)
23/6 - 76.40 US cents (the most recent peak)
24/6 - 73.26 US cents (after the brexit result)
25/6 - 74.77 US cents (the current rate as of this posting)

So it might look like a big sudden drop on the currency graph yesterday, but we are actually up on the 22nd (or the 20th if you take into account the previous peak), and are over 3 cents up on our lowest point four weeks ago.

The rush of money to the "safe" stock of gold will help offset most of the money being pulled out of our currency by investors, because we export a lot of gold.

[griffin]

I don't think the currency traders know what to do with the AU$ at the moment as the global economy is approaching another recession led by the US and several European countries, and central banks around the world are looking to slash their official rates... some to zero or even into negative territory.

After the weekend close of our markets, the AU$ went back down 1.5 cents yesterday to the same rate as the post brexit rate on the 24th, and then climbed back up a cent today to 74.03 US cents.

[TAAUBlaster]

We're going gangbusters against the British Pound though

[griffin]

The AU$ is still yoyo-ing against the US$.

21/6 - 75.11 US cents (up)
22/6 - 74.43 US cents (down)
23/6 - 76.40 US cents (up)
24/6 - 73.26 US cents (down)
25/6 - 74.77 US cents (up)
(weekend)
27/6 - 73.28 US cents (down)
28/6 - 74.13 US cents (up)
29/6 - 73.48 US cents (down at opening)
29/6 - 74.22 US cents (up at close)

We're going gangbusters against the British Pound though

It went from a fairly stable 50pence to 56pence on the 24th, and stayed flat since then (not going up or down much). It hasn't been 56pence since September 2014, almost 2 years ago.

I think everyone will be doing well against the pound for quite a while... so it would be a good time to go over there now... or maybe for a Transformers convention in August.