John From Moneycorp

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  1. Not at all - I was referring to making a currency post in here instead of the GBP/Australian dollar thread - feel free to private message or email me - john.kinghorn@moneycorp.com Thanks
  2. 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.
  3. Post in wrong thread.
  4. Happy to have a chat to talk through the options, please send me a private message. Thanks John
  5. Australian dollar slightly weaker over last day or so. Follows risk aversion after tensions were raised again between the US and North Korea.
  6. Buying property in Australia By John Kinghorn from moneycorp If you’re looking to buy property in Australia, one of your first steps should be to enlist a foreign exchange specialist. This will get some of the administration out of the way early and ensure that deposits can be paid as required. This is particularly important in Australia because once you’ve had an offer accepted; you will need to pay a 10% holding deposit immediately. It can take time to set up a currency exchange account because, like any financial application, it requires rigorous checks, so it’s best to start the ball rolling as soon as you start to look for a property in earnest. This isn’t the only paperwork you need to complete. If you aren’t an Australian citizen, or permanent resident, you will need to gain permission from the Foreign Investment Review Board (FIRB) before you can purchase a property. You should get an answer within 40 days in most circumstances and although you can exchange contracts prior to approval, it would be wise to ensure the contract is conditional on receipt of that approval to ensure you are not in breach of contract and liable for any financial penalties. If you buy a new-build property or a rural home, you may not need to permission from FIRB, but the best approach is to seek advice from a solicitor on whether this is required. Once you’ve got through that red tape, you can move ahead with your purchase. Even if you have a local bank account and mortgage, the average minimum deposit required is 20% in Australia, so there may be a need to release some equity or repatriate funds from the UK. This is where a foreign exchange specialist can help. Moneycorp has an expert team on hand to offer guidance on the best value products for everything from regular and scheduled payments to one-off purchases and has a fully functional online platform and mobile app which allows you to buy and sell currency, access great rates and schedule and track payments. Many of our customers set up a regular payment plan to transfer funds to an overseas bank account. This may be to fulfil scheduled costs or to provide regular income to your Australian account such as a pension payment or income from renting out a property. Funds can be collected using a direct debit, converted to Australian dollars and delivered to your local account. To provide peace of mind, there are options to specify the amount of funds outgoing in sterling, or incoming in Australian dollars, or both if you choose to use a forward contract and lock in an agreed rate. Alternatively, you can trade with the market. This means that the amount being sent or received may vary depending on the rates, but this approach may prove to be beneficial for those willing to take a risk on market performance when the fluctuations are aggregated over the course of a year. There are a number of ways to move your money across borders; to make the most of your funds, it’s best to plan ahead and work with a specialist who can put the right tools at your disposal. Poms in Oz & moneycorp Poms in Oz work with moneycorp who are a leading money transfer company. Benefit from great exchange rates when using them plus, as a special offer, all transfer fees are waived for forum members. You can register for a free moneycorp account by clicking here. Once registered, you will have a personal Account Manager who can provide quotes and discuss the latest movements on the exchange rates. Or email currency expert John Kinghorn – john.kinghorn@moneycorp.com Established in 1979, moneycorp is one of the largest and fastest-growing players in the foreign exchange and international payments market. TTT Moneycorp Pty Limited, Authorised Representative No. 445555 ABN 46 116 612 858, are Authorised Representatives of Rochford Capital Pty Ltd (AFSL License No. 361276 ABN 40 143 601 594) Jones Bay Wharf, Suite 45, 26-32 Pirrama Road, Pyrmont, NSW 2009.
  7. 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.
  8. 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.
  9. 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.
  10. Worth speaking with @Alan Collett Thanks John
  11. 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.
  12. Aussie dollar still strong against the pound - following the RBA comments this week.
  13. It's always a personal choice when to transfer money (eg. depending on amounts and timelines, whether you are purchasing anything and have a deadline) - as we've seen there has been a big movement in the GBP/AUD rate over the past few hours. Depending on how much you are transferring you can notify your Account Manager at Moneycorp to alert you of any upwards/downwards movements in the rate. Happy to arrange chat if you want to discuss further. Thanks John
  14. Australian dollar is stronger today - following the release of the RBA's minutes which repeatedly underlined "positives" in the economic outlook in Australia.
  15. 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.