Australian Dollar fell out of favour today after yesterday’s brief rally

Hi All,

The Australian Dollar fell out of favour today after yesterday’s brief rally. It appears the world got ahead of itself and realised that the sky is still falling and there is now a rush to “safe” money mainly US Dollars, Euros, Pounds and Japanese Yen.

Being the loyal Australian I am, I am finding this very difficult to understand why the market keeps selling Australian Dollars at every point but sometimes things done make sense even though you want them to. If you are migrating to Australia this really doesn’t matter too much.

Look for the Pound to Australian Dollar exchange rate to say in the 2.48-2.58 range until something else happens.

Good news for those wanting to sell Australian Property – the new bailout package and first home buyers grant increases are working and 1st home buyers are re-entering the market and will hopefully push prices up, stimulate investment in Australia and boost the Australian building industry. (Good to see also 1st home buyers can get a Australian mortgage - unlike the UK.)

Pounds to Australian dollars exchange rate currently 2.5500

Regards

Damian

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