Jump to content
John From Moneycorp

The Pound vs Australian dollar

Recommended Posts

The pound very weak today - was expected though as the EU Referendum such a key event for the UK.

 

I cannot beleive we forgot about this EU referendum , We were looking to emigrate May/June …. But now im thinking should we wait until this has all blown over - as pound surley only get weaker .

I have emailed you John at Moneycorp … as advice needed on transfering funds !

Share this post


Link to post
Share on other sites
yay! its great for people going back to UK! oh, that's me isn't it? Good News at last, luving it! Watching that graph line plummet :)

 

I said this last night to my better half - Bet all those going back to UK are pretty happy - im sure its gonna take a hammering until referendum is over grrrrrr ;o)

Share this post


Link to post
Share on other sites

it will be up and down a bit in the next few months, we will have to get ours back in next week or so, so won t make too much out of it. However when I do my tax return in June things might be a bit more interesting then!

Share this post


Link to post
Share on other sites
I cannot beleive we forgot about this EU referendum , We were looking to emigrate May/June …. But now im thinking should we wait until this has all blown over - as pound surley only get weaker .

I have emailed you John at Moneycorp … as advice needed on transfering funds !

 

Thanks, just checking as not sure I received your email?

Share this post


Link to post
Share on other sites
Thanks, just checking as not sure I received your email?

 

Have emailed … and spoke to some chap today , think i may have emailed moneycorp direct .

 

thanks again

Share this post


Link to post
Share on other sites
I cannot beleive we forgot about this EU referendum , We were looking to emigrate May/June …. But now im thinking should we wait until this has all blown over - as pound surley only get weaker .

I have emailed you John at Moneycorp … as advice needed on transfering funds !

Yes this is where we are at currently...not much we can do have changed a small amount of funds but the rest won't be available until just before we leave at the end of March so we have our fingers crossed that it doesn't continue to decrease too much otherwise things will be so difficult!

Share this post


Link to post
Share on other sites
GBP/AUD exchange rate around the mid 1.90s currently - pound has been under sustained pressure due to worries over what might happen in the EU Referendum vote.

 

Will ring moneycorp tommorow … as thinking due to moving in June - should we exchange now … wait till over there - and see what happenens after "referendum " ……. Crikey never really thought about exchange rates until now !!! Arghhh !!

Share this post


Link to post
Share on other sites

We got a bit lucky as we sent the cash we need to pay for our 143 Parent visa over when the rate was a lot higher, however we kept some back, which we have held in Premium bonds, and have won £200 whilst holding there. (only been in 3 draws!!) I am now thinking that if we move before June, and I hope we do, we will only exchange enough for car, and rental bond, and a few quid in the back pocket. Hopefully once the EU referendum is over, the pound will recover, so we can then exchange the rest at a better rate. (Just re-read this through, sounds like we got stacks of cash, if only lol)

Share this post


Link to post
Share on other sites
We got a bit lucky as we sent the cash we need to pay for our 143 Parent visa over when the rate was a lot higher, however we kept some back, which we have held in Premium bonds, and have won £200 whilst holding there. (only been in 3 draws!!) I am now thinking that if we move before June, and I hope we do, we will only exchange enough for car, and rental bond, and a few quid in the back pocket. Hopefully once the EU referendum is over, the pound will recover, so we can then exchange the rest at a better rate. (Just re-read this through, sounds like we got stacks of cash, if only lol)

 

Yep , this was a thought of mine ……. but what if vote goes wrong way - the whole of europe is so unstable …. part of me fears it may be on a downturn for a while. ….. Gosh its like playing "deal or no deal" for real !!!!!

But i supose will be … wil be ;o)

Share this post


Link to post
Share on other sites
Will ring moneycorp tommorow … as thinking due to moving in June - should we exchange now … wait till over there - and see what happenens after "referendum " ……. Crikey never really thought about exchange rates until now !!! Arghhh !!

 

Please mention you are a Perth Poms forum member and this will ensure all transfer fees are waived when sending money overseas.

Share this post


Link to post
Share on other sites

Monthly currency review is below.

 

At the risk of pointing out the obvious, the Reserve Bank of Australia used their Monetary Policy statement to provide the enlightening news that there is currently "heightened volatility" in financial markets and "uncertainty about the global economic outlook". Unsurprisingly the Aussie took the comments personally.

 

With economic events in the US invariably impacting risk appetite for global investors, the release of mixed non-farm US jobs data served to weaken all the commodity based currencies, including the Australian dollar. Despite showing the lowest levels of unemployment since 2008 the data also revealed considerably less new jobs were created.

 

Weak retail sales and a hawkish tone from the Governor of the Reserve Bank of Australia, Glenn Stevens, served to weaken the Aussie. In his speech regarding the current state of the Australian economy he stated “With inflation unlikely to cause a problem by being too high over the next year or two, the board retains the flexibility to ease further , should that be helpful”. A tad cryptic perhaps, but could be interpreted to mean the probability of an interest rate drop in the short-term is now more unlikely – not good news for AUD buyers.

 

If that was hard to understand, then try and fathom the rather capricious swing in investor sentiment towards the commodity currencies. After all there were no cold hard facts to justify the departure from their previous bearishness. Understandably the Aussie wasn’t complaining about this improved optimism among investors. Its performance was spoiled, however, by some less-than-inspiring employment data: Australia unexpectedly lost 8k jobs in January, pushing unemployment up from 5.8% to 6%.

 

Even a disappointingly small increase in private sector capital investment couldn’t prevent the Australian dollar from leading its Commonwealth cousins, which weren’t performing too badly themselves. It even managed to take seven and a half cents off a Brexit crippled sterling towards the end of the month.

 

As February drew to a close the Aussie drifted lower as iron ore prices retreated and the US dollar benefitted from upbeat domestic data. The US economy grew at a 1.0 per cent annual pace in the December quarter, up from preliminary estimates of 0.7 per cent, while the core personal spending price index rose 1.7 per cent, up from 1.4 per cent in December.

 

A tranche of data that will impact the Aussies performance is due for release in the early part of March. This includes Australian and Chinese manufacturing reports, along with the Reserve Bank of Australia's interest rate decision.

Share this post


Link to post
Share on other sites

Good (and expected) news for the UK yesterday - the central bank voted against cutting interest rates.

 

Gave the pound a little boost. Not a massive change in the GBP/AUD exchange rate though with the pound overall remaining weak.

Share this post


Link to post
Share on other sites

Also the pound is under pressure as the Government has faced internal disagreements following Iain Duncan Smith's resignation.

 

The resignation has led to reports of ‘civil war’ within the Conservative party.

Share this post


Link to post
Share on other sites

John we all really appreciate your frequent posts to keep us up to date with the Dollar/Pound situation.... we don't always comment.... but we do read your posts and appreciate the time and effort it takes you to make them. Good to meet you in Perth recently, by the way....

Share this post


Link to post
Share on other sites
John we all really appreciate your frequent posts to keep us up to date with the Dollar/Pound situation.... we don't always comment.... but we do read your posts and appreciate the time and effort it takes you to make them. Good to meet you in Perth recently, by the way....

 

Thanks for the comments, appreciate them - good to meet you too!

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×