The Pound vs Australian dollar

In an attempt to counter slowing growth in the country's mining sector, the RBA in Australia have cut its interest rate to a record low of 2.75% from 3%.

Following this news, the Australian dollar is weaker.

There has been a big shift in the GBP/AUD exchange rate with the Australian dollar weaker.

The Aussie dollar has weakened recently due to the cut in interest rates in Australia along with some concerns about the Australian and Chinese economies -the strength of the US-dollar has also impacted the Aussie.

Thanks for these updates John.

Hi Tony, are you trying to migrate? I noticed your glasscraft site and thought I would take a look. We are going to Adelaide to work in a glass company. We had SGO Essex at one stage, not really glass craft but I did enjoy a course on sand blasting and gluechiping down your way a few years ago.

Thanks for these updates John.

Hi, we stopped trying to migrate as we couldn't get out there, now we are over 55 we are looking at a retirement plan. Adelaide would be where we would go if we were lucky enough to get there.

Hi everyone, the latest currency review is below.

At the tail end of the field the Aussie had another losing week. It conceded a cent and a half each to the pound and the US dollar.

When it came to Australian economic data the Aussie didn't have much to play with. The increase in consumer inflation expectations did not sit easily with investors, who suspect the next move for interest rates is downwards, and there was nothing good about the fall in consumer confidence. Ford rubbed in the overvalued nature of the AUD when it announced the closure of its loss-making Australian assembly facility.

It did not help the Aussie when the chairman of the US Federal Reserve raised the possibility that the Fed could wind down the bond purchase programme that sees it doling out $85bn of new money every month. The assumption is that a wind-down will have an adverse impact on demand for commodities and energy.

The Aussie remained on the defensive for a fifth week, losing a cent to sterling.

Strong building permit issues provided only temporary help. Commodity and energy exporters are still out of favour. Investors are looking ahead to when the US Federal Reserve turns off the money tap and spoils the market for commodity and energy exporters by reducing demand for their products.

The Aussie remained on the defensive for a fifth week, losing a cent to sterling.

Strong building permit issues provided only temporary help. Commodity and energy exporters are still out of favour. Investors are looking ahead to when the US Federal Reserve turns off the money tap and spoils the market for commodity and energy exporters by reducing demand for their products.

The Australian dollar continues to weaken against the pound – this is following GDP figures released in Australia which were weaker than excepted.

GDP figures are usually a key indicator of how a country’s economy is performing.

Wow, an amazing change so far today, nearly 3 cents change! Hopefully this trend continues until we make the move!

I am with you on that one, been before and got 2.25, then when we came back the £ lost about 10% on $ the week after I changed the money from house sale so I think Im due a bit of luck.

Wow, an amazing change so far today, nearly 3 cents change! Hopefully this trend continues until we make the move!

We're over 3 cents now, up to a 3 year high I think!

Over 2 dollars would be most welcome....

How long you got Angus? Could be a long wait.

We're over 3 cents now, up to a 3 year high I think!

 

Over 2 dollars would be most welcome....

How long you got Angus? Could be a long wait.

House hasn't sold yet. The goal is to get out there in January. You?

Looking to get there in August, so I am watching this like a hawk.

House hasn't sold yet. The goal is to get out there in January. You?

The recent rout of the Australian dollar has continued after disappointing growth data for the first quarter of 2013 was published by the Australian Bureau of Statistics. The Australian economy expanded at a slower rate than expected between January and March this year building the case for another rate cut by the Reserve Bank of Australia.

A strong economy, relatively high interest rates and robust demand for its natural resources from its main export partner China, had helped to underpin the strength in the Australian dollar in recent years; however these supporting factors are now beginning to recede. China is experiencing a slowdown of its own economy which will likely lead to a drop in demand for Australian exports.

Sterling on the other hand has been buoyed by a round of improving economic data releases so far this week. First came news that UK’s manufacturers had reported their highest activity levels in 14 months, next came the construction sector with a surprising return to growth driven by residential building. The best was saved to last with the dominant UK services sector reporting a surge in activity, delivering its strongest reading since March 2012. With all three sectors now growing for the first time for a year there are clear signs that the UK recovery is gaining traction.

It can be worth exploring the different options available to you when buying or selling Australian dollars – more information can be found here: http://moneytransfer.pomsinoz.com/various-ways-to-buy-currency.html

Thanks

John

Hi John

Thanks for your info and help on this. As you say there are various options available to us when changing money. It is obviously wise to get expert opinion on this

and I will certainly be in contact with you when I need to.

Last time I used a large company, when I asked if the interest rate that had come down in the UK that day would affect the exc rate the guy put me on to his manager as it was a large amount. The manager advised me to take the rate he was offering on the day. By the following week it had changed by almost 10%.(the wrong way for me!) This was when we returned from WA.

After a bad week at the end of May the Aussie had an awful one at the beginning of June, losing two cents to the US dollar and seven to the pound.

The Aussie and the New Zealand dollar both continued to feel the heat of investors' suspicion that the US Federal Reserve is preparing to wind down its quantitative easing programme, which churns out $85bn of freshly-minted money every month.

166 today, best its been since Sept 2010 which makes me feel a lot better.

Wished I had not have said that now!

Wished I had not have said that now!

Lol...........we just hope it'll hold up above 1.60 for the next few months!

Things looking good and the weakening dollar doesn't appear to be even slowing its losses, quite the opposite.

Things looking good and the weakening dollar doesn't appear to be even slowing its losses, quite the opposite.

Typical. I've jinxed things

Wow, an amazing change so far today, nearly 3 cents change! Hopefully this trend continues until we make the move!

Everyone wants the best exchange rate when they move, but be careful what you ask for. Think about why it went the way it did in the last few years and why it's suddenly changing and what this suggests about how the economic situation is changing here.