The Aussie Dollar is Falling
Not sure if you guys have been following the AUD lately, but it’s lost about 7 cents in the last week or so. It was up at $1.10 USD and today down to $1.032.
Does anyone have any knowledge in Forex trading? I don’t know much at all. I bought some USD a little while ago, mainly for future travels, which is why I’ve been following it a bit.
Pretty sure that trading money for financial gain is Illegal…
I might be wrong though.
I have noticed it and don’t understand why our dollar is falling. If our economy is so strong and the US so weak, shouldn’t we be going up!?!?
the USA situation is scaring everyone so everyone is selling their stakes in most currencies, ours included. hence why it is dropping.
One clue I was given previously was that if our interest rates go up then our dollar will go up. If RBA drop the rates we will loose value.
Pretty sure that trading money for financial gain is Illegal…
I might be wrong though.
So what exactly do those forex places do then?
banks trade currency all the time, its not illegal.
Definitely not illegal. Anyone can set up a Forex trading account.
The AUD had another big fall overnight. Down to $1.015 USD.
The US share market is getting smashed.
AUD vs USD over the past 7 days…
And just like that, it’s now below $1 USD. Crazy!
Bummer, I was going to order some paddling gear from US now it looks like ive missed a good oportunity! Still cheaper, but not as much
I still don’t get it, they are the ones in massive debt why are we falling :’-( devo still have so much to book for our US holiday.
If it was me (and I know it is not my money) I would hold off purchasing any US dollars or buying anything or paying for any accom for a week or so until it settles down. This is just panic - Deano is right…. they are just off loading their cash.
Yes it is a risk that it could fall more. But ultimately we have a stronger economy than the US so our dollar should bounce back.
As I said before it is link to our economy and interest rates ie when our economy is strong and we are spending lots of money our interest rates go up. The dollar value goes down (not sure why).
Uncertainty also makes stocks go haywire - and money is a commodity just like anything else (which is why it has a fluctuating value)
Big money can be made in trading Forex - its not illegal. Just wait for things to settle down.
Oh and as it is a commodity supply and demand rules so if all of us go out and stock pile USD for our future trips because we are worried it will drop down to old averages of $0.70 (just reminding you that its current rate is still pretty wicked!!) then the demand will go up for USD so ours WILL go down.
Yeah I am going to hang back for a week or two and see what happens. I only have one more flight to book and one train trip. But accommodation is the killer, I have booked three hotels that we pay when we are there. Hope the dollar bounces back…
i paid for mine upfront. locked in around $1.07 i believe?
Only thing is with prepaying for accomondation, with the US economy being so unstable, some businesses have just gone bust overnight and people have lost out on money.