Should I move my savings out of the UK back to $Aus as the value of the pound is dropping against $Aus?

Question

Should I move my savings out of the UK back to $Aus as the value of the pound is dropping against $Aus?

Answer 1

It may appear to be a good idea at the moment (and actually may be) but taking that action would either cost you money now because the pound recovers or make you a few dollars now and introduce you to currency trading which is very likely to cost you a lot over the long run.

A reasonable alternative would be to put your future savings into $Aus to provide diversification.

Or, better yet for the long run, consider investing in equities.  A depressed market like we have to day is a good time to start.