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Found 35 results

  1. [img2=right]http://www.pomsinoz.com/forum/../images/moneycorp-graph-pio.png[/img2] Australian dollar – review from Moneycorp Following the spike in autumn 2008, which took it to a five-year high at $2.70, sterling spent two years on the retreat, losing more than half its peak value in the process. It bottomed out at $1.51 in late December, an all-time low, rebounding to $1.60 in early January. Since then it has gone nowhere. For eight weeks the pound has inhabited a five-cent-wide channel between $1.5750 and $1.6250, moving up and down through the $1.60 midpoint two or three times a week. There is no particular reason for the Aussie's temporarily high correlation with sterling. If anything, the dollar should still be making hay while the sun shines on its 4.75% Cash Rate as it snows on the pound's 0.5% Bank Rate. The two currencies are subject to different pressures even apart from the interest rate differential. The UK economy is heavily dependent on the contribution from financial services, a sector that was hard-hit by the crisis and precipitated the recession. Australia's mining and agricultural sectors are big exporters of products for which there has been consistent demand from, among others, China. That steady flow of exports helped Australia to avoid recession entirely. Britain's economy grew by 1.5% in 2010 while growth in Australia pushed ahead by 2.7%. Investors are under no compulsion to keep currencies on the move, even though that is what they usually do. With the goings-on in Egypt, Libya and the Gulf they see no reason to send GBP/AUD one way or the other, hence this temporary stability in the exchange rate. But that it what it is likely to be; temporary. The next chapter For more than twenty years the pound spent the vast majority of its time wandering between $2 and $3. Against that background the Australian dollar's current strength could be a fluke, soon to be corrected. It could also reflect a fundamental change in the world order. The pain felt by Britain's economy is far from over. Negative growth in the fourth quarter of 2010 was a reminder that there is no simple choice between forward and reverse for an economy. America has shown that growth does not necessarily bring more jobs and greater spending power. UK government spending cuts and tax increases will be felt more deeply as the months go by and it will be years before things get back to "normal". House prices are stagnant and there is a yawning gulf between bid and offer. The indices from Halifax, Nationwide and the Land Registry that plot transaction prices show an average property changing hands at £162,854. The one from Rightmove that plots asking prices shows sellers asking £233,121 for that same average house. Another problem is the inflation that eats further into people's spending power. At 4% it is twice as high as it should be. Without January's VAT increase and high oil and food prices inflation would be fairly close to its 2% target but that's like saying without all this rain we would be able to sunbathe. It looks as though the Bank of England is beginning to lean towards an interest rate increase, if only to prove to the world that it is not asleep on the job. That prospect is helping the pound. The Australian dollar has already done that legwork. With no recession to worry about the Reserve Bank of Australia has raised its cash rate from 3% to 4.75% over the last 18 months. The rate could go higher still in the second half of this year. There has been no fall in house prices either, despite warnings of a bubble. The Economist said recently that Australian house prices are the most inflated in the world, 56% above fair value. It is not a new argument but it does make you wonder whether the 5.8% increase in 2010 reported by the Australian Bureau of Statistics will be repeated in 2011. The other bubble faced by the Australian economy and the dollar is the one inflating in Southeast Asia. Beijing has so far been reluctant to lean too heavily on the rising commodity and asset prices that are fuelling inflation there but analysts worry that the longer the authorities do nothing, the bigger the problem they lay in store. If demand from China were to slow sharply it would dampen appetite for the Australian dollar and other commodity-related currencies. Summary After more than two months steady around $1.60 the only reason to expect the GBP/AUD exchange rate to move is because it cannot remain static forever. Still close to its all-time highs against the US dollar, the euro, the yen and the pound the Aussie is undoubtedly overvalued. That suggests the next move for sterling will be upward but it does not indicate when, nor does it prevent the Aussie becoming even more overvalued in the meantime. Click here for more information on the Australian dollar and receiving the best exchange rates.
  2. So I was reading an article and it said that a typical trading day starts with New Zealand, before moving across to Australia, Japan and Asia, Europe and North America. The UK and the US markets account for around half of the total world market, therefore the times at which both are open are particularly busy. The following are the overlapping timings. - New York Market trade times: 1pm - 9pm GMT - London Market trade times: 7am - 5pm GMT - Great Britain Market trade times: 8am - 4pm GMT - Tokyo Market trade times: 8pm - 4am GMT - Australia Market trade times: 12am - 8am GMT There are two times when two of the major markets overlap during trading hours, - between 7am and 9am GMT for Asian/European markets and - between 1pm to 5pm GMT for European/U.S. markets. The market is open 24 hours a day but this doesn't mean that it is always active. So, does anyone of you know if these overlapping times, in general gives a higher probability of getting a better rate? I'm just wondering here if there is in fact a good time of the day where its best to transfer currency. Cheers B!K3R
  3. If we've had an ex rate loss in transferring funds from UK to Oz can we claim it as a FOREX loss? (ie ex rate was less when we transferred it than when we arrived in Oz) I read on ATO website that we can't claim for personal/domestic issues - is that correct? AND one of questions is 'any assets outside Oz in excess of $50k?', we had funds in a UK bank a/c which was brought over before end of tax year, does this count as assets? Do we need to answer 'yes'? And why do they need to know coz there is no tax payable on this is there? Thank you to anyone who can shed light on this. (I did ring ATO & after being passed from person to person, with promise of a ring back to clarify issues..which has never happened...I thought I'd ask on here, coz am sure one of you will know!) Kath:confused:
  4. Cerberus1

    Chat live with Moneycorp now

    Just a quick reminder that we are currently holding a live chat session with Moneycorp, which will run until aprox. 21:30 UK time. To take part, click the 'chat' button at the top of the page (in the orange menu bar) or use this link - Moneycorp Chat Once the chat software has loaded, enter the 'Moneycorp' chat room. (If you're a guest on the website, when the chat window loads, click the green icon next to where it says Unregistered ( available) - then choose 'Edit your profile' and choose a nickname first.) John Kinghorn and Jonathan Griffith from Moneycorp are hosting the chat and will be on hand to answer and exchange rate / money transfer queries you may have The session will will last approximately 2 hours. Whether you are moving to Australia, or living there already, John will provide the latest updates on the Aussie dollar and give you some insight into the key influencing factors. Exchange rates are constantly fluctuating and transferring your money at the right time, via the right channel, will make a big difference.
  5. Weekly currency update from Moneycorp [moneycorp]10168283[/moneycorp]
  6. Weekly currency update from Moneycorp [moneycorp]10168283[/moneycorp]
  7. Moneycorp's weekly review of the British Pound and Australian Dollar. [YOUTUBE]Q_4PYDyr8NI[/YOUTUBE]
  8. Hello We are almost ready to do our first transfer of money to Westpac via OzForex. However the account that I am transferring the money from only accepts transfers in person whch obviously won't be an option once we arrive in Australia. What type of good interest (for around £40k) UK accounts are other people holding their money in whilst living in Australia? Grateful for all replies. :v_SPIN: Jo :spinny:
  9. Guest

    Forex

    we fly out on the 17th of April, so we need to start sneding out funds. We are looking at several transaction of £10 & £50K, can any of you give recommendations for forex traders you have used recently. I am afetr the best rate of coarse given that the dollar has taken a tumble. Cheers Simon
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