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Found 139 results

  1. Susan from Moneycorp

    That was the week that was.....Issue 9

    Heightened tensions with China, Slow but steady in New Zealand, Encouraging numbers from the UK and the continuing demise of the extremely Un-United States of America. That Was The Week That Was. https://www.moneycorp.com/en-au/news-hub/weekly-brief-4-september-20203/
  2. John from Moneycorp

    Currency Transfers with Moneycorp

    A Guide to Sending Money Overseas Hundreds of Poms in Oz members have benefited from using Moneycorp for their international money transfers. Moneycorp’s services are straightforward, simple to use and will save you money. The following text outlines the 4 step process and how it works. 1. Set up your Moneycorp account To start making money transfers, you will need to open an account with Moneycorp. This can be done online and only takes a few minutes - click here to register Opening an account carries no costs or obligations on your behalf. 2. Choose the best solution for your needs Once your Account is set up, your personal account manager will contact you to identify and discuss your specific requirements. They will be your personal point of contact for all future transactions and will explain the proposed course of action and options that best suits your personal needs. 3. Arrange your finances Once you have verbally agreed to a money transfer with your personal account manager, you will be sent a Contract Summary outlining the details. This document will include a form giving you instructions on how to transfer your funds to Moneycorp. The Contract Summary will also include a Transfer Instruction form, on which you will need to put details of the bank account(s) into which you would like your currency to be paid following your transaction. For further information regarding the different options when buying your currency, please click here 4. Payment methods You may use one of a variety of payment methods to send your funds to Moneycorp. Everything will be explained clearly by our staff and there is a dedicated customer service team who can help you with any questions you might have. Poms in Oz & Moneycorp Exclusively for PomsInOz members, you will not pay any transfer fees when sending your money overseas. Register with Moneycorp by clicking here For more information, call +44 (0)20 7589 3000, please remember to quote PomsInOz.
  3. Sheena from Moneycorp

    GBP and AUD Update

    The Pound-to-Australian Dollar exchange rate has on Thursday, December 05. hit a fresh 3-year high at 1.9214, amidst an ongoing rally in Sterling and softness in the Aussie Dollar. And, one investment bank we follow says AUD will likely continue to struggle through the course of 2020. GBP/AUD has been moving higher since late-July in a steady uptrend, built on expectations that Brexit is heading towards a conclusion. The latest chapter in this story is an expectation that the Conservatives of Boris Johnson will win the December 12. election and swiftly deliver Brexit in early 2020. However, the gains in GBP/AUD coincide with a softening in the Australian Dollar, which took a hit this week after Australia reported weaker than expected quarterly growth for the third quarter of 2019 * Time to move your money* - get industry leading exchange rates with a quick, easy and efficient service by using moneycorp foreign exchange!
  4. Sheena from Moneycorp

    AUD and GBP

    The Pound jumped by a percent against the Australian Dollar Tuesday after the Reserve Bank of Australia (RBA) cut its interest rate to a new record low and hinted strongly of more cuts to come, which some analysts say now risks pushing the antipodean currency to its lowest level for more than a decade. Australia's central bank cut the cash rate to an all-time low of 0.75% Tuesday, in line with the market consensus, citing a continued weakening of the global economy and concerns about the outlook for jobs down under as risks to its inflation target. The RBA said the economy needs a lower rate of unemployment if it is to see the wage pressures that would enable the bank to meet its inflation target, but warned that jobs growth is likely to slow even further in Australia up ahead, even though unemployment has recently risen Changes in rates are normally only made in response to movements in inflation, which is sensitive to GDP growth, but impact currencies because capital flows tend to move in the direction of the most advantageous or improving returns. Those flows tend to move in the direction of the most advantageous or improving returns, with a threat of lower rates normally seeing investors driven out of and deterred away from a currency.
  5. I've been reading a lot of threads about buying houses, renting houses, buying shopping and all those money type things..but I did notice everyone talking pounds and not dollars. A big one is 'what to do when I first arrive' and people looking at places to rent for $700 a week! WOW! Its not so much of a WOW! when I start to think about pounds shillings and pence, and not very much to pay when you've already paid so much to get here. But that is a WOW rent here. $700 a week doesnt sound much but over a 12 week period its huge..and it comes out of what you brought with you to buy that beautiful house with a pool. I sound like a 'party pooper' but I not I just worry about some of the threads, so always think in terms of Dollars, when you think here, i.e. your new job pays in Dollars and mortgages are the same 3 times salary, plus 1 iif your partner works, theres other mortgages I know but I'm just using the standard. It is all relative guys, you will be on our rates of pay...mortgages, shopping, cars, school fees as lots of you seem to want to go private, will have to be paid for out of your new salaries, so please think Dollars and not Pounds x
  6. The Aussie added more than four cents against sterling over the week. Most of the gain came at lunchtime on Wednesday, after six central banks announced they would lend US dollars more cheaply to banks. After weeks of fretting about the lack of action to resolve Euroland's debt crisis, investors were impressed to see that somebody was doing something to set matters in order. Even though the central banks were responding to a liquidity problem in the wholesale market, not to Italy's inability to borrow money, anything at that level was better than nothing. It was optimism about Euroland rather than the strength of the Australian economy that took the AUD higher. New home sales in October rose by 5.5% on the month but only after a -3.5% decline in September. Retail sales growth slowed to 0.2% and the manufacturing purchasing managers' index remained in the shrinkage zone at 47.8.
  7. The Aussie moved ahead of sterling on the week, adding about a cent; not a significant achievement. Inexplicably it kept close company with a motley group including the Canadian dollar, the Swiss franc and the yen – currencies which more usually find themselves at opposite ends of the spectrum. Two reasons for this apparently random movement were the Thanksgiving holiday in the States and investors' mounting confusion about Euroland; they combined to create an illiquid and jumpy market. An ecostat drought provided just two data; the leading [economic] index went positive in September, rising from -0.2% to 0.1%, and construction work carried out in the third quarter was 12.5% more than in the previous three months.
  8. In a busy week, the Australian Bureau of Statistics delivered a series of data that tended towards the low side of expectations. A 1.1% monthly increase in motor vehicle sales wasn’t enough to offset the previous month's -1.4% fall. The wage price index – an indicator of labour cost inflation and tightness in the jobs market – edged down from 3.8% to 3.6% in the third quarter of the year. Average weekly wages provided a counterpoint, accelerating by 5.3% in the year to August after a 4.4% increase in the year to July. It was investor risk appetite that once again exerted the most influence on the Aussie dollar. Nervousness about the situation in Euroland extends to nervousness about the global economy, and investors are concerned for Australia's economic future. Unless EU leaders can pull something out of the fire, the Australian dollar looks more likely to go down than up.
  9. The Aussie dollar managed to avoid the spotlight last week. That task was made easier by the market's obsession with developments in Euroland, where prime ministerial resignations were coming thick and fast. Italy's premier followed his Greek colleague out of the back door, making way for another non-political economist to take the helm. Having been less than enthusiastic about the Australian dollar during the early part of the week, investors rediscovered their appetite for it on Thursday and Friday. Australian economic indicators were close enough to forecast that investors paid them little attention. Business confidence improved from -1 to +2, even though (current) business conditions apparently deteriorated from +2 to -1. Consumer confidence was up by 6.3%. Home loans rose by 2.2% in September. Employment grew by 10.1k in October, with only half as many new jobs as the previous month – but the unemployment rate was steady at 5.2%. There was nothing there to distinguish the Aussie, but nothing to trip it up either.
  10. When the Greek prime minister announced out of the blue that he would hold a referendum on the second EU bailout plan, it reawakened investors' fears for the global economy. They retreated from the ‘risky’ commodity-oriented currencies, including the Australian dollar, and headed for the safety of the yen, the US dollar and the British pound. The AUD and NZD roughly kept pace with each other, lagging sterling by more than 2% over the course of the week. The Australian economy did not help the Aussie's case. Residential property – a sector which for years has resisted the force of gravity – was showing more signs of strain. The government's house price index fell by -2.2% in the year to September, half of which decline came in the third quarter. New home sales fell by -3.5% in September and building permits were down by -13.6. Bucking the trend, the construction sector purchasing managers' index improved by nearly five points in October, but still looked anaemic at 34.7 on a 0-100 scale where anything below 50 means shrinkage.
  11. The Australian dollar was in the top currency division for the week, strengthening by more than 1% against the pound. That was twice as much as the euro achieved, even with the benefit of the latest agreement to resolve the southern Euroland debt crisis. The AUD is sensitive to economic activity on China because exports of coking coal and iron ore to that country (among others) are a significant part of Australia's economy. Were Europe to falter and slow it would dampen global demand for China's exports, so reducing China's demand for the materials that go into their production. Because Europe has apparently taken a major step towards getting its act together, the risk of a return to recession is lower – and the Aussie is higher. On Monday of this week, problems in Europe resurfaced along with an interest rate cut (first cut since 2009). In addition, new home sales fell 3.5% in September from August their lowest level since December 2000 – a combination of these factors led to a weaker dollar.
  12. The Australian dollar took fourth place in the hierarchy of major currencies but was only a little down from the top three; the franc, the yen and the pound. While investors were not afraid of the antipodean commodity dollars, neither were they eager to stock up with them while the Euroland debt resolution was in the balance. The Australian economy had almost nothing to say for itself during the week. The minutes of the Reserve Bank of Australia's monetary policy meeting offered no guidance as to how the coming meeting might go. Analysts believe this week's core inflation figures, for the September quarter, could be the deciding factor. At least as important to the Aussie, however, will be that Euroland summit meeting on Wednesday. If it rekindles worries about a return to recession the AUD will feel the downward pressure.
  13. The Aussie dollar was last week's top currency performer. Investors excited at the prospect of an overdue solution for the European debt crisis forgot their concerns about global growth and went in chase of those currencies linked to commodity exports and high interest rates. The Australian dollar ticked both boxes. Adding to its attractions were a couple of positive economic data. NAB's business survey found firms more upbeat about current and future trading conditions while Westpac reported another improvement in consumer confidence. The employment figures for September were better than expected, with more than 20k jobs created and a fall in the rate of unemployment to 5.2%. The minutes of the Reserve Bank of Australia's monetary policy meeting come out on Tuesday morning. They might shed more light on the likely direction of interest rates. Otherwise, it will be developments – or the lack thereof – in Europe that have the most influence on the AUD's direction.
  14. Global economic sentiment drives the Aussie dollar, just as it does everything else in financial markets. When the outlook is positive, the (potential) increase in demand for Australia's coal and minerals takes the currency higher. And vice versa. There was a bit of both last week, but mostly it was an extension of the AUD's retreat that cost it 6% of its sterling value in September. Nervousness about a bankrupt Greece – and about what that might mean for the world economy – has dampened demand for the Australian dollar. Nor has the dollar received much help from the Australian ecostats. New home sales showed a 1.1% improvement in August but, after a cumulative fall of -16.2% in the preceding three months, it wasn’t much consolation. More worrying was a further one-point decline in the AiG performance of manufacturing index to 42.3. Anything below 50 means falling activity – and 42.3 is a worryingly low number, that increases the likelihood of an interest rate cut before the year is out. From the UK perspective, it is worth bearing in mind the possibility of quantitative easing (QE) – if the Bank of England release further QE in the near future, this is likely to have an adverse effect on sterling against all major currencies. Thursday’s monetary policy committee meeting will confirm if (or when) QE is occurring.
  15. The Pom Queen

    Australian Dollar Drops

    THE Australian dollar was a little lower after Standard and Poor's cut Spain's credit rating. At midday (AEDT) today, the Australian dollar was trading at 101.47 US cents, down from 101.89 cents on yesterday. Since 7.00am (AEDT) today, the local unit traded between 101.96 US cents and 101.50 cents. Standard & Poor's cut Spain's credit rating to "AA-" from "AA" with a negative outlook, saying the country's high unemployment and "the likely economic slowdown in Spain's main trading partners" prompted the downgrade. The downgrade came at the end of a week in which the Australian dollar had gained four US cents on optimism there would be a resolution to the eurozone debt crisis. CMC Markets foreign exchange dealer Tim Waterer said the downgrade caused some the of high-yielding currencies like the Australian dollar to come off the boil. "The latest headline was the Spanish credit downgrade. That threw a spanner in the works as far as the ascent of risk assets this week," Mr Waterer said. "That had the currency hovering around that 101.50 to 101 90 range. "The market feels like it was indecisive in terms of how much of this downgrade was priced in. There was a kneejerk reaction and it has been rangebound since." Mr Waterer was still positive about the Australian dollar. "Particularly on the economic front, we've had a good run of economic data. "The longer the run we can have without negative data coming out then that will help the Australian dollar's chances of remaining above the parity level." Mr Waterer said he expected the Australian dollar to trade in a range between 101.25 US cents and 101.90 cents today afternoon. Meanwhile, the Australian bond market was firmer at noon. At 12.30pm (AEDT) today, the December 10-year bond futures contract was trading at 95.555 (implying a yield of 4.455 per cent), up from 95.510 (4.490 per cent) yesterday. The December three-year bond futures contract was at 96.190 (3.810 per cent), up from 96.130 (3.870 per cent).
  16. The Pom Queen

    Only a dollar

    :embarrassed::embarrassed: I think I would be too ashamed, if it was for a charity then great but I don't think I want to pay for someone elses holiday, but I bet the publicity is doing her good. Australian dollar coin A Brisbane admin worker is asking people to donate $1 for her dream holiday. Picture: File A CASH-strapped 23-year-old is planning a $25,000 European holiday and she wants you to pay for it. The Brisbane-based admin worker, who remains nameless, has created a website termed a cyber-begging site asking people to donate $1 after she had tried unsuccessfully to save the money on her own $36,000-a-year salary. "I eat tinned tuna for lunch, I haven't shopped for clothes for months, I have a room-mate and still I can't save," she said. "I figure all I need is 25,000 generous people to donate just one dollar each." She admits she's not the most deserving recipient of charity. "I can't stand here and say: give me money instead of something more worthwhile like a cancer research or homeless people, but you don't have to give me your money . . . It's a choice that you can make." Start of sidebar. Skip to end of sidebar. End of sidebar. Return to start of sidebar. UNICEF said the sum could greatly assist East Africa's crisis. "$25,000 would provide four weeks of therapeutic food for 676 children in East Africa, or eight weeks of therapeutic food for 340 children," a spokesman said. The Smith Family said the cash could sponsor schooling for 53 young Australians from struggling families for a year. The woman said a donor's return on investment would be her gratitude. "I always give money to charities all my loose coins and I feel like this experience could be really amazing for me," she said. To donate $1 for her trip, visit http://www.justonedollarplease.weebly.com. Read more: http://www.news.com.au/money/money-matters/cyber-begging-for-a-dream-holiday/story-e6frfmd9-1226161610177#ixzz1aGLGpYIH
  17. The Pom Queen

    Dollar Falls

    AUSTRALIAN dollar drops to 10-month low as traders await overnight vote on China's alleged currency manipulation. The vote in the US Senate centres on a bill which aims to raise duties on Chinese imports to punish the country for allegedly keeping its currency down. "That could stir up a hornet's nest between China and the United States and that will affect global growth and commodities," said Kurt Magnus, head of foreign exchange at Nomura. US dollar strength and concerns about Europe's sovereign debt crisis kept the Australian dollar weak toda, pushing it down to its lowest level since December 2010 of 95.92 US cents at 3:10pm (AEDT), Mr Magnus said. At 5pm (AEDT) today, the Australian dollar was trading at 96.17 US cents, down from 97.23 cents on Friday. Mr Magnus said the general risk-off sentiment may continue to hurt the Australian dollar. "It's the uncertainty that's driving equity markets (lower). "If there's no confidence, it means there's no certainty." Tomorrow, the Reserve Bank of Australia (RBA) is due to meet for its October board meeting and decision on the cash rate. All 15 economists surveyed by AAP say the RBA will keep the cash rate at 4.75 per cent tomorrow, and only two say there will be a move before the end of the year - one up and one down.
  18. The Australian dollar suffered more losses over the week, as the European sovereign debt crisis lurched closer to the abyss, driving international investors to dump riskier assets – namely the higher yielding commodity currencies. The Australian dollar broke through parity against the US dollar for the first time in six weeks, as the American currency became the safe haven of choice during these unsettled times. The poor manufacturing data coming from China saw the country’s growth contract further, suggesting that Australian trade will weaken in the months ahead. The correlation between global demand and commodity prices held true: as demand fell, the price of gold and copper dropped sharply last week. There was little indication of the future direction of Australian interest rates from the Reserve Bank of Australia, following the release of its Monetary Policy Committee minutes. They had discussed the possibility of an interest rate hike during their last meeting, but with international developments driving growth prospects, it remains likely that the next rate move will be downwards.
  19. The Australian dollar continues to take its lead from the ongoing Eurozone sovereign debt crisis. With Greece moving ever closer to default, investors’ appetite to buy the high yielding currency is being sorely tested. The Australian dollar did briefly benefit on news that the country’s exporters helped to post an improved trade surplus of A$1.8lbn during July. Another positive note saw consumer confidence rise by a very impressive 8.1% from a month earlier – possibly driven by the hope that the Reserve Bank of Australia will cut its benchmark rate from the current 4.75% level, as global growth prospects decline. The construction sector saw the number of new housing starts dip by 4.7% during the quarter ending June2011, with weakening employment prospects suggesting any future rate movement will be a reduction.
  20. The Pom Queen

    Weakening Aussie Dollar

    AUSSIE shoppers, jet-setters and households won't be overjoyed to see the dollar slip back towards parity with the US dollar. The meteoric rise of the Aussie dollar over the past few months has made it cheaper for retailers to import goods from overseas and the savings could be passed on to shoppers. It also encouraged people to book overseas holidays with the knock-on effects of cheaper airfares as demand for flights increased. But the Australian dollar this afternoon fell to a five-week low on renewed concerns about Europe's debt crisis. At 5pm (AEST) today, the Australian dollar was trading at 102.07 US cents, down a third of a US cent from 102.45 cents yesterday. RBC Capital Markets senior economist Su-Lin Ong said traders moved out of risk currencies like the Australian dollar after the news of Italy's credit downgrade. "It definitely took a big hit early this morning, that's when it tested its lows for the day on the Italy downgrade around 8.30am (AEST). "It's recovered a bit since then, it got a little bit of a lift from the (RBA) minutes and then it gave up some ground with equities in the red this afternoon, it's kind of gone a little bit sideways." Ms Ong said she expected currency markets during the offshore session tonight to be driven by further news on eurozone debt woes. She said attention would then turn to the two-day meeting of the US Federal Reserve's Federal Open Market Committee (FOMC) meeting and subsequent interest rate decision. Earlier, today Reuters reported that a big market-making state bank in China ceased foreign exchange forwards and swaps trading with several European banks due to the unfolding debt crisis in Europe. The dollar opened the day on the back foot, after rating agency Standard and Poor's (S&P) downgraded Italy's credit rating because of "Italy's weakening economic growth prospects" and a view that Italy's governing coalition would "limit the government's ability to respond decisively" to events. The European banks include French lenders Societe Generale, Credit Agricole and BNP Paribas, Reuters said. Easy Forex senior dealer Francisco Solar said the news weighed on sentiment and dragged the Australian dollar lower. "That's a little bit of a negative, not just because of the headline news, but also because there was some hope that the Chinese would actually start buying some bonds in Europe," he said.
  21. The AAA-rated Australian dollar is not big enough to stand as a safe-haven currency, but it saw its fair share of inflow last week as investors abandoned the euro in fear of a default by Greece. Investors must have been buying it at least partly for its safety qualities because some of the Australian economic data were quite discouraging. The AIG's performance of construction index showed even more of a slowdown in the sector, falling another four points to a dismal 32.1. Employment, which should have gone up by 10k in August, instead fell by nearly that many. On a positive note, Australian gross domestic product rebounded by 1.2% in the second quarter after a rain-soaked first three months. The main drivers were iron ore and coal production, while domestic demand grew more slowly. The Reserve Bank of Australia held its overnight cash rate steady at 4.75% and offered no hints as to future direction.
  22. The Australian dollar didn’t have to do anything wrong to find itself on the rough end of a very rough stick last week. It fell by 8% against sterling and the yen, and by more than 12% against the safe-haven Swiss franc. In a week. Two things worked against all the commodity-oriented dollars (the story is the same for the NZ and Canadian currencies); Euroland's debt crisis deepened as southern Europe was forced to pay more for its borrowings, and America's debt crisis remained unresolved by a deeply cynical cross-party compromise on reducing the US deficit. Taken together, they point to a global economic slowdown and they have provoked a global flight to quality. Everybody wants the Swiss franc and nobody wants equities or global-growth-related currencies. Investors are so twitchy that sentiment could change in an instant, but it’s not obvious where to expect that change.
  23. The Australian dollar took second place in last week's league table behind the NZ dollar. Its achievement came about despite some very murky economic statistics. They were few and they were unpleasant. The Conference Board's leading index – which compiles yesterday's data to predict the future – fell from -0.1% to an even more pessimistic -0.8%. New home sales fell by -8.0% in July and building permits were down by -15% on the year. The Aussie's salvation was a more relaxed mood among investors. They were no longer scared out of their skins so were more inclined to buy the currency of a commodity-exporting country; one, moreover, that can still offer a 4.75% benchmark rate of interest. However, as they have since May, they still seem to prefer the NZ dollar.
  24. we are off to Tasmania and looking at selling our home of 16 years ... full details are available on the dedicated web site we have built ... http://www.home4sale.net.au ... we welcome your enquiries and feedback
  25. The week before last, investors all wanted Swiss francs and none wanted the Australian dollar. Last week those roles were (eventually) reversed and the Aussie was the world's best-performing major currency. It must have been the 4.75% interest rate that attracted them, because the economic statistics had little good to say about the Australian economy. The best figures of the week were an improvement in business confidence from 0 to 2 and an uptick in consumer confidence from -8.3 to a still-negative -3.5. Home loans were down by -4.4% in July and the employment numbers were a grave disappointment. The unemployment rate jumped from 4.9% to 5.1% and the number of people in work was almost unchanged, having been expected to rise by more than 10k. The weak employment data provided more evidence to support a minority view that the next move for AUD interest rates will be downwards.
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