OzVMX Forum
Clubroom => General Discussion => Topic started by: paul on October 11, 2010, 01:19:39 pm
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At noon (AEDT), the dollar was trading at US98.73c
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the pros are talking of bringing our $$ down,then say its not viable.. ::)
At the moment I'm not really concerned as the kids just taught me how to suck coffee up through a TimTam biscuit.. :D bloody discustingly nice..Ah the lucky country ;D
cheers
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Try Baileys instead sitting in a spa with someone you like or your wife! Cheers Jerry
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or a late evening port.
"They" need to be careful about bringing our dollar down - at the moment it isn't so much how strong our dollar is but how bad the US is - check the cross currencies also. So if we de-value against a weak US $...........................
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I heard the pound and the euro were going to do the same.
Get set to buy all of your dream bikes/sidecars from the mother land.
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Some pollie will fork it for us no doubt.........
Just bought that 2 valve so im happy with the dollar ATM.......
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The Australian dollar was higher at noon and well on its way to parity with the US dollar, as fears grow the US will renew its quantitative easing program in the coming weeks.
At 1200 AEDT, the Australian dollar was trading at 98.73 US cents, up from Friday's close of 98.19 cents. In morning trade, the unit rose above 99 US cents for the second time in five days.
Since 1700 AEDT on Friday, the "Aussie" has traded between 99.07 US cents and 98.09 cents.
Commonwealth Bank currency strategist Joseph Capurso said he expected the Aussie to break parity with the US dollar by week's end.
That would mark an historic 27-year high with the unit, which hasn't passed one US dollar since it was floated on December 8, 1983.
"I think we will get to parity this week," Mr Capurso said.
"We have eight US Federal Reserve speakers in the US this week.
"We think they are going to talk about quantitative easing, and that will put downside pressure on the US dollar this week ... so you will probably see the Aussie push up."
Quantitative easing is where the Fed buys up US treasuries so as to increase the supply of money in the economy.
It was used by the Fed in 2008 as a response to the global financial crisis.
Among those speaking this week are Fed chairman Ben Bernanke, who is to give a speech called `Monetary Policy Objectives and Tools in a Low-Inflation Environment' on Friday.
He will be speaking in Boston, Massachusetts, at a Federal Reserve Bank of Boston Conference on Revisiting Monetary Policy in a Low-Inflation Environment.
With no significant domestic data due and the international data-scene quiet for the week, Mr Capurso said he expected the unit to grind higher.
"The only thing that might spoil the parity march is if the Bank of Japan come in and start buying US dollars," he said.
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the pros are talking of bringing our $$ down,then say its not viable.. ::
Are these the same PROS that didn't see the GFC coming, didn't know what to do about it when it got here, and are now denying it actually existed? ;D
Just remember that the Aussie is only gaining parity against a very, very weak Greenback. Our gains against other currencies isn't as marked.
And for everybody complaining that the dollar is too high, there is another who reckons it is too low…
Swings and roundabouts… leave it alone and let it float like is was designed to. ;)
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Do you make that shit up Alison or is it from a source you can name?? :D :D
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Do you make that shit up Alison or is it from a source you can name?? :D :D
I believe everything I read on the internet..have some faith in the media ;) :D
you gotta think though whats it doing to the little countries money though ?? eg:Fiji,Norfolk Is,NZud. ;D
cheers
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OMG VMX42 -we agreed ;D!!!!!!!!!!!!!!!
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The south pacific ruble is in the low to mid 70s against the greenback which is good but it's really bad compared with the aussie, the trip to the gp will be a lot more expensive than my last one a couple of years ago
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Have a look at the history of the Aussie dollar. As soon as it starts climbing the beanstalk ,they (the government) always find some way to cut it down. I,ve been cashing in Aus dollar for the Euro as I am off to Europe next march for a few weeks. But hey, if it,s still up there next march 2011 then that,s a bonus for me ,but I,m not taking any chances. I say take advantage of the situation now..... The USA is not at all happy with China as they believe the Chinese currency is way undervalued, which is why chinese exports are booming, but that,s another story.
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Good old US of A always needs a 'bad guy' was Russia, Iran, Iraq,Japan have all had a go and now it's China's turn.
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OMG VMX42 -we agreed ;D!!!!!!!!!!!!!!!
:o
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The USA is not at all happy with China as they believe the Chinese currency is way undervalued, which is why chinese exports are booming, but that,s another story.
The Chinese currency is directly tied to the value of the Greenback, so they shouldn't be surprised, and so it shouldn't it affect the cost of Chinese imports into the US.
The US is unhappy because they are selling the family farm to China to fund their lifestyles and they will have to make extremely unpopular [politically suicidal] changes to stop the rot. If you reckon the Greenback is low now, wait till the reserve cranks up the printing presses… then the world will really see something… :o
Interesting times ahead.
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At noon (AEDT), the dollar was trading at US98.73c
news last night was a match...christmas shoppers are going crazy online..,, support and buy local they say for christmas..we'll try :)
cheers
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I've got about 6 packages on the way from the U.S. as we speak.
Not so much because of the dollar, just stuff I've wanted, but the dollar helps. ;)
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I would buy local,except the "locals" are buying O/S and marking up things 200%
I get things delivered from the States quicker than what i can get posted in my own suburb.
If the business' are "in it" to make money...well guess what? I'm "in it" to save me money!
I will always support the local when i know i'm not getting shafted.
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When I was a kid the US$ was equivalent approx. to 50cents Aust. but of course the Aust.$[pound] wasn't floated on the world market and was set by the Aus.fed gov. Thats basically what china is sticking to now. The upshot of this is that any Aussie manufacturers are seriously suffering because our products have increased in price by about 30% in the last year or so. [because the world {stupidly in my laymans opinion} trades in $US]. Add to this the fact that local small businesses cannot borrow money from banks and its plain to see that local manufacturing is in trouble. A friend has been manufacturing mining equipment for years for overseas use but has effectively been seriously undercut. Even though China is artificially cheap, companies that want quality don't often use them more than once. However Germany is now heaps cheaper with manufacturing than oz is. To me the US$ has been floating on bull sh*t for years. cheers pancho.
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Just watched the ABC news and China is slowly shutting there gates to mineral imports.
They are keeping there specialty minerals to themselves..
Looks like we might have to get off our butts and do some more mining for ourselves and all those little bits needed for computor and technologee
Your mining mate Pancho ! may have to mine for himslef so to speak. ;D
cheers
news flash::The big 4 banks post profits totaling $20billion. That's $1,000 per Australian!