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Found 11 results

  1. Over the last 4 weeks GBP/AUD exchange rates have increased by 6 cents making a AUD $300,000 purchase £5,340 cheaper. The slowdown in Australia is putting a major strain on Australian dollar exchange rates. The housing market is under severe pressure due to the tightening of lending standards throughout 2018. China is slowing due to the ongoing trade war which means less commodities are leaving Australian shores and the Reserve Bank of Australia have hinted at cutting interest rates in a bid to stimulate economic growth. All in all, it’s hard to see how the tides will change for the Australian economy unless major changes are made to monetary policy and the US and China secure a trade deal that works for both parties. One positive is that unemployment numbers have remained stable over the last couple of months. This week Australia will release their latest unemployment numbers and 5% is expected. If the number is released at 5%, I expect the Australian dollar could benefit on Thursday morning. However earlier in the week, the RBA minutes and House Price index numbers are released on Tuesday morning. Both releases I expect could disappoint, therefore waiting till Friday to sell Australian dollars seems a risky strategy.
  2. Further volatility looks likely for the GBP/AUD exchange rate in the wake of Parliament’s next round of votes, with markets still weighing up the likely outcome of the Brexit process. If an amendment paving the way for a second referendum gains sufficient support this could offer the Pound a fresh boost. However, the prospect of an extended period of Brexit-based uncertainty and political anxiety may weigh on GBP exchange rates in the wake of the results. Even if MPs vote in favour of extending the deadline unless there are signs of progress towards a workable deal the upside potential of the Pound is likely to prove limited.
  3. Anthony from Moneycorp

    On the road to recovery?

    The Australian Dollar weakened on Wednesday, helping the Pound-to-Australian-Dollar rate to recover onto a firmer footing, although analysts say the Brexit saga playing out in London is a double edged sword for the Antipodean and British currencies. A messy turn of events in London over the coming days would send Pound Sterling reeling once again but it could also have adverse implications for the Aussie Dollar in its own right, given the likely impact on the U.S. Dollar and the Antipodean unit's sensitivity to changes in risk appetite. "AUD/USD has been largely unaffected by Brexit developments. However, if the UK Parliament vote for a hard Brexit tomorrow, AUD/USD could fall as the USD gets bid in the global foreign exchange market, and if/as global equities decline," says Richard Grace, head of FX strategy at Commonwealth Bank of Australia.
  4. Anthony from Moneycorp

    Brexit Uncertainty for GBP and AUD

    Over the last 12 months, the property market down under has been causing major problems for the Australian dollar. Lending standards alongside the global slowdown has caused property prices to take a tumble in the major cities. If the home loan numbers fail to hit 1%, the Australian dollar could have a tough week as it increased the chances of the Reserve Bank of Australia (RBA) cutting interest rates this year. However Brexit negotiations are likely to be the most important driver for GBPAUD exchange rates. If Theresa May has managed to sway MPs to vote in favour of her Brexit deal I expect the pound to make further inroads against the Australian dollar. However, if MPs decide to extend Article50 or vote to crash out of the EU this could have a negative impact on the pound and rates could fall to levels we become accustom to last year.
  5. Anthony from Moneycorp

    AUD Declining due to economy

    The Pound-to-Australian Dollar exchange rate is trading at 1.8456 at the start of the new week after declining a percent in the previous week, cutting back the pair's 2019 advance to 2%. The losses suffered by the pair over recent sessions appear to have come largely from the Sterling side of the equation as opposed to independent Australian Dollar strength, with markets paring back exposure to the UK currency ahead of a key week of Brexit votes in the House of Commons. major weakness in the Australian economy is the state of the housing market which has seen steep discounts recently. This has pressured the Australian Dollar lower as it could prompt the Reserve Bank of Australia (RBA) into cutting interest rates: lower interest rates, or expectations thereof, tend to weigh on a currency.
  6. Benefits of using a foreign exchange specialist By John Kinghorn from moneycorp If you’re sending money overseas, you may think using your local bank is the most convenient and efficient option, but working with a currency exchange specialist can give you access to great value rates and services that your bank may not be willing to provide. In addition, a specialist can offer expert guidance to help you navigate the fluctuating currency market. As an ex-pat, you could have a number of reasons why you need to convert currency, and accessing great rates and avoiding high fees could have a significant impact on the money you receive for any of the following: · Buying a home in Australia; · Converting UK rental income into Australian dollars; · Repatriating Australian dollars back to the UK; · Receiving your pension payments; · Transferring money to friends and family overseas. As well as great rates and lower fees than most high street banks, a specialist can also offer a range of product solutions to help you manage all your foreign exchange requirements · Spot contracts for urgent payments which allow for same-day exchange and transfer; · Stop-loss orders to prevent against precipitous drops in the exchange rate; · Rate targeting and tracking to help you make the most of your money ; · Regular payment plans to fix rates and collect funds from a UK account by direct debit for overseas payments; · Easy-access online account management, supported by an expert team available on the phone. Get started with moneycorp moneycorp offers all our clients a professional service that helps you transfer money across borders and let you get on with enjoying your new life in Australia. It’s free to register for a moneycorp account and you can do this online by clicking here. You can also read more information here on the Poms in Oz currency page – https://www.moneycorp.com/uk/campaigns/partners/pio/ Moneycorp is a reference to TTT Moneycorp Pty Limited which is registered in Australia (business number 116612858). Its principal place of business is Level 15 Exchange Tower, 2 The Esplanade, Perth WA 6000, Australia. TTT Moneycorp Pty Limited is authorised to deal in foreign exchange contracts and buy/sell quotes to retail and wholesale clients as an Authorised Representative (reference number 445555) of Rochford Capital Pty Limited (AFSL License No. 361276).
  7. Mattcouts

    FX transfer UK to Aus

    Hi My partner and I are moving to Aus (she's an Aussie) in the autumn 2018. We have quite a bit of savings which we are keen to move over to Aus for a house. We will look to buy early/mid 2019 between North Sydney and the Central Coast. GBP/AUD is at a low but clearly it could get worse if Brexit negotiations go badly/ no deal but could do better if we get a decent deal/ not a terrible deal. What I and no one else can do is predict what is likely to happen but I am interested to know if anyone has been in a similar situation and what strategies you used to move money over, did you do it in stages, wait for the uptick, do it in £5000 chunks?... any/ all ideas welcome. Thanks Matt
  8. Hi there, I am looking to transfer money from the UK to buy a house in Oz within the next year or so. I've used a forex company to transfer smaller sums and I'm aware of options like forward contracts and limit orders to help protect against exchange rate fluctuations when moving larger sums. But I'd really like advice from someone who understands the markets on the best time to move the money. Does anyone know whether there are companies that offer this? A fellow Pom mentioned having transferred the proceeds of a UK house sale some years back, and says he paid commission to an advisor who helped him decide on the best moment to make the transfer, and the commission paid was well worth it. He can't remember who he used, and I can't find a service like this on google. My forex company say they don't offer anything like this. Obviously no one has a crystal ball, but I'm guessing an expert broker would be in a much better position to make the call than I am! Many thanks for any help!
  9. Just a quick reminder that we'll be holding one of our regular chat events tomorrow evening. Plan ahead by moving overseas with the experts! Moving to Australia is not without its ups and downs. To make sure you stay ahead of the game, it pays to be well informed. Everyone wants to start their new life down under with as much money as possible and there are a number of things you can do to ensure you make the most of your funds. Key topics always discussed on the forum include moving your possessions, shipping your car, transferring your money into your new Australian bank account and job hunting. Poms in Oz is hosting Live Chat sessions with leading experts in banking, currency exchange, international removals, job searching & vehicle importation and these sessions will take place on 22nd March 2011 from 8pm-10pm (UK Time). National Australia Bank, Moneycorp, PSS International Removals, Hire A Migrant and Iron Chef Imports will be on hand to answer any questions you may have about your move. To participate, click on the 'chat' menu option at the top of the page. Clicking on chat will launch the chat software. There will different 'rooms' for each of the different companies. Unregistered guests can participate by following this link - Chat with Industry Experts, then, once the chat software has loaded, tick the 'Guest' option at the top of the chat window, then choose a username and click 'Login' and enter the 'Moneycorp, NAB, PSS or Ironchef' chat rooms. National Australia Bank [img2=right]http://www.pomsinoz.com/images/chat-nab.png[/img2] Rebecca Joils will talk about the Australian Banking system providing you with some insights as to what is different between the UK and Australia. She will also talk about how straight forward it is to open an Australian Bank account before you leave home and some of the services you should consider. Moneycorp [img2=right]http://www.pomsinoz.com/images/chat-moneycorp.png[/img2] Whether you are moving to Australia, or living there already, John Kinghorn will bring you the latest updates on the Aussie dollar and provide insight into the key factors influencing market movements. Exchange rates are constantly fluctuating and transferring your funds at the right time, via the right channel, can make a big difference to the amount of money you actually end up with. PSS International Removals [img2=right]http://www.pomsinoz.com/images/chat-pss.png[/img2] One of the key ingredients when you are moving overseas is the planning of your removal. Liam Witham will be on hand to offer advice and answer any questions you may have regarding the packing and shipping of your household effects, including what items you can ship to Australia, Australian Customs procedures and AQIS. Whether you are importing household effects or just a vehicle, it is never too early to start researching or to start the process. Hire A Migrant [img2=right]http://www.pomsinoz.com/images/hireamigrant.jpg[/img2] Jamie Smith will answer questions about how Hire A Migrant can find your next employer while you remain at home with family - and your existing employer . Learn how Hire A Migrant makes direct approach to targeted employers, avoids unhelpful recruiters, impersonal job boards and taps into the 75% of jobs that are not advertised in Australia - so you can keep earning a wage in current employment and keep your family together. You'll also find out the true costs of doing-it-yourself to find a job in Australia. Iron Chef Imports [img2=right]http://www.pomsinoz.com/images/ironchef.gif[/img2] Iron Chef Imports is a small, Australian-based business that specialises in arranging transportation of vehicles from anywhere in the world to any port in Australia. For a fixed brokerage fee, we can help arrange your vehicle's import approval paperwork, shipping, customs clearance and registration in Australia. Aside from our fee, all other costs are invoiced to you directly - no hidden markups! We're also happy to advise you if it's worth bringing your car over before you start (that part's free!).
  10. [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.
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