John from Moneycorp

The UK Pound V Australian Dollar

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robswife    13

I had a phone call from them in early May, forwarded all the documentation they wanted since then I have forwarded it again and last week had another request to forward information, got so fed up with it all as I told them in May I wanted to transfer in June that I ended up doing it with someone else, I have a very small surpluss in my account that I'm thinking of asking them to refund it back into my bank.... (I haven't sent the documentation they asked for last week as I was so peed off and told them I've sent it 3 times already)

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Moneycorp

Moneycorp

Just now, robswife said:

I had a phone call from them in early May, forwarded all the documentation they wanted since then I have forwarded it again and last week had another request to forward information, got so fed up with it all as I told them in May I wanted to transfer in June that I ended up doing it with someone else, I have a very small surpluss in my account that I'm thinking of asking them to refund it back into my bank.... (I haven't sent the documentation they asked for last week as I was so peed off and told them I've sent it 3 times already)

Please could you private message me your full name/email address? We will look into this.

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Australian dollar is slightly weaker today after the Reserve Bank of Australia left interest rates on hold. It was more the comments from the RBA which weren’t deemed that optimistic.

For the UK yesterday, the monthly round of manufacturing sector purchasing managers' indices was not helpful to sterling. Britain's figure came in two points lower on the month and two points below forecast at 54.3.

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The pound is weaker today.

In Australia, there was the release of the Westpac Consumer sentiment, which rose from -1.8% to 0.4%. This has helped the Aussie dollar against the pound.

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AUD weekly currency update

Except for the Norwegian krone, which was helped into first place by rising oil prices, the Australian dollar and the euro were the top performers among the major currencies.  They strengthened by 1.8% against the US dollar and the British pound, which shared last place for a second week.  The Aussie went up by three cents against sterling. 

A decent set of Australian employment data did not help as much as it might have done, but the minutes of June's Reserve Bank of Australia board meeting more than made up for it.  Investors seized upon a comment about "a new neutral real interest rate" two percentage points above current levels. An RBA deputy governor tried on Friday morning to persuade the market that it had given undue importance to the remark, and that it did not constitute a commitment to higher rates, but investors were not entirely convinced.

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AUD weekly currency update

Wednesday was an interesting day for the Aussie.  Early on, the consumer price index figures showed Australian inflation slowing by more than expected in the second quarter, down from 2.1% to 1.9%.  It was a bigger fall than investors had been prepared for and gave new meaning to the deputy governor's warning, the previous Friday, that they should not be looking for any early increase in interest rates.  The Aussie took a step to the rear.  It more than made up for it later in the day when the US Federal Reserve dampened expectations of an imminent tightening of monetary policy,

The net result was an Australian dollar that was virtually unchanged on the week against the British pound.  It strengthened by three quarters of a US cent.  The two were among the week's top performers, sterling helped by a provisional expansion of the UK economy by 0.3% in the second quarter. 

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As expected, the Reserve Bank of Australia kept its cash rate benchmark unchanged at 1.5% after this morning's meeting. After dissecting the language of the RBA's statement investors decided that an early rate increase is unlikely. The Aussie lost a little ground on the news.

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The Bank of England Monetary Policy Committee today announced its decision not to raise interest rates with a vote of 6-2 for no change. The last rate change came in August 2016, cutting the bank rate from 0.5% to 0.25% following the Brexit vote. 

The report also suggested “sluggish” growth in the UK economy, dropping forecasts from 1.9% to 1.7% in 2017. As a reason for the change, Governor Mark Carney cited weak wage growth and rising inflation reducing the spending power of households. 

Since the announcement, the pound has weakened.

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The minutes of the Reserve Bank of Australia board meeting revealed nothing new and were guardedly upbeat about the economy. A bizarre political development dampened appetite for the Aussie though. Deputy prime minister Barnaby Joyce was revealed to be a citizen of New Zealand, thereby making him ineligible to sit in parliament.

Mr Joyce was born in Australia but, even though he was not aware of it, he is automatically an NZ citizen because his father was a Kiwi. Dual citizens are barred from the Australian parliament and Mr Joyce is the fifth politician in recent weeks to have come under pressure as a result of the rule. His situation is important because prime minister Malcolm Turnbull's coalition government has a majority of just one.

The Australian dollar was unchanged on the day against the Loonie, the krone, the euro and the pound.
 

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