Happy New Year to you too John.
Happy New Year to you too John.
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Hi all, update below on this week, thanks.
After the Aussie's miraculous rally on the first working day of the new year a sense of reality has returned.
In the last week the Australian dollar lost two cents to the British pound and three quarters of a cent to the US dollar.
There was no particularly compelling news to provoke the retreat, just an underlying belief that last year's selling was broadly the right thing to do.
Thanks for all your info John - its very interesting reading.
Chris, Sarah, Molly & Phoebe - Arrived in Adelaide 21st August 2007, Living in Moana
Some positive news from the UK released today - the UK unemployment rate has dropped to 7.1%, close to the point at which the Bank of England has said it will consider raising interest rates.
The Australian dollar is considerably stronger against the pound over the past few days.
This follows the Reserve Bank of Australia (RBA) announcement in which interest rates have been left unchanged at 2.5% - the RBA surprised some by dropping it’s bias towards easing rates.
The Aussie has also been boosted recently by a better-than-expected business survey which showed conditions nearly at a three-year high. Other data released has helped too including figures from the housing sector and prices for homes rising.
The latest Australian dollar update is below, thanks.
The Australian and New Zealand dollars shared gold last week, both strengthening by about 2% against sterling, the US dollar and the Japanese yen which were fighting for the wooden spoon at the back of the field.
The Aussie added two US cents and went up by four cents against the pound. Three things helped the Australian dollar: an improvement in investors' optimism, an unusually moderate statement from the Reserve Bank of Australia and some decent economic data. The improvement in optimism lifted all emerging market and commodity-related currencies, including the Aussie.
The RBA statement omitted the usual comment about its currency's overvaluation, surprising investors. And they were surprised again by figures showing a strong 0.5% monthly increase in retail sales and a trade surplus in December when they had expected a deficit.
Relatively quiet week for the GBP/AUD exchange rate, a short review is below, thanks.
A dearth of Australian economic data meant a shortage of targets for investors that might have wanted to have a pop at the Aussie.
Unusually, the minutes of the Reserve Bank of Australia's policy-forming board meeting were positive for the currency. The tone of the document was guardedly optimistic and there was no mention of an overvalued currency.
The net effect was to leave the Aussie unchanged on the week against sterling and the US dollar.
Hi john I have just registered with moneycorp as I need to send money to UK and see the exchange rate isn't great. Is it worth holding off to see if it will improve? I have been holding off and it's steadily gotten worse I'm in no rush what do you think?
Thanks for your message.
When you transfer your money can be dependent on your timescales and when you need the money converted – also, need to factor in how long you are prepared to wait for any possible change in the exchange rate.
Moneycorp can go through the different options available to you which fits your needs – more info can be found here: http://moneytransfer.pomsinoz.com/how-it-works.cfm
I can ask your Account Manager to contact you to go through these?
The Australian dollar has been boosted by stronger growth data in the fourth quarter of last year.
A government report showed gross domestic product climbed 0.8 per cent in the fourth quarter from the third and 2.8 per cent from the same quarter a year earlier.