Jordan Tilley

The info below may not be relevant to everyone but have had some requests from members sending funds back to the UK. Quick roundup below:

Please find below a brief roundup of this week’s major currencies.

EUR: Rumours and stories of a new and conclusive solution to the Euroland debt crisis came thick and fast: The new Spanish austerity package would make the Spartans look like Barbra Cartland; the jointly-guaranteed "eurobond" project would be revived; the IMF would lend €600bn to Italy. None turned out to be true but collectively they supported the euro. Nevertheless, investors are increasingly reluctant to lend their hard-earned to Euroland governments. They need serious action to stabilise the situation and they need it now.

USD: The failure of a Congressional "supercommittee" to agree on a deficit-reduction programme has not put off investors in US Treasury bills and bonds. They can live with the stalemate because they know America will always repay its debts; it can print as many dollars as it needs. The same is not true of euro zone governments, none of which has the same printing power. Greece or Italy could default; the US cannot.

AUD: An almost total lack of Australian economic data left the Aussie to wander around in the unlikely company of the Swiss franc and Japanese yen. They were accompanied by the Canadian dollar, which also had no place of its own to go. The commodity currencies received a boost early this Monday after the report that the IMF would hand over €600bn to cover Italy's refinancing needs for the next year. It was enough to turn a losing week into a winning one for the Aussie.

NZD: Like the AUD, the NZD found itself in the middle of the field after a strange week in which market liquidity was drained by the US holiday and investor's appetite to get involved was hampered by their lack of conviction, especially with regard to the euro. The NZ dollar's big break came this Monday morning when Prime Minister John Key's National Party won the general election by a street. Investors think he will deliver free markets and a balanced budget.

CAD: The Loonie kept company with its antipodean cousins, neither shining nor sinking in mid-league. A 1.0% monthly increase for retail sales in September was twice as strong as expected and therefore positive for the currency, but it served more to nudge than to drive its direction. Had it not been for the Keys election win in New Zealand the Canadian dollar would have come through the week as the commodity currencies' leader.

GBP: Sterling was far from successful in the week's currency lottery, sharing penultimate place with the South African rand. It did nothing wrong; the UK economic statistics were mostly in line with or better than expectations. The problem was that investors seemed more inclined to buy the euro on good news than sell it on bad. Because they were buying US dollars anyway the pound got the rough end of the stick.

Mummy in the foothills

I hear some people hare having trouble sending money from US to UK due to some legislation that is in effect. Just when I start to figure out how to transfer the house money once we sell they change it all

Brigette

Really? What legislation? Do you know?

Mummy in the foothills

Someone put a link in the US section I haven't had time to read it yet. But I hope we can get our house money out, we need a house to live in in UK.

Brigette

ok thanks. I'll take a look later to see if I can find it My sister would be in the same boat when she sells her house as well.

shelley748

Saw your posting- how does one send funds back to UK using your services? What information do you need? I am in Canada.

Jordan Tilley

Recently some UK currency brokers have stopped servicing US based clients however British Expat members can use Moneycorp who can still help.
Once you've opened your account, which is free of cost and obligation, you can transfer your money almost anywhere in the world.

Please feel free to private message me for more information or visit the forum below.

http://exchangerates.britishexpats.com/

ppc25

shelley748 if your transfering funds from canada can i recomend canadianforex ltd they have much better rates than any bank and is relativley quick doing the transfers and is completley free to register.

ozboyz

I am looking at selling my apartment here in Australia and if I have made any money on it (I still owe money and will be paying off the difference) I want to take that back to the Uk with me. Is there an easy way of transferring money from Australia to the Uk without losing out on brokers fees etc?

dunroving

www.xe.com

killerhales

I've used ozforex over the past couple of years for a number of transfers between $2K and $100K. Rates are very competitive and there are no fees if you transfer more than $2K (I think).

I have recommended them on this forum a few times, and I should mention that as a result they have sent me a Christmas present, but I would recommend them anyway!

Jordan Tilley

Getting funds sent back to the UK from Oz should not be a problem. Just ensure you use an FX broker that can offer a good rate, security of funds and market guidance.

BE members are able to take advantage of free transfer fees.

http://exchangerates.britishexpats.com/

Pollyana

They are fab, I have to say. Been using them for nearly 11 years now to move money both ways Aus - UK and UK- Aus and always found them very helpful.
Agree their Christmas presents are always good too

Jordan Tilley

Dear all,

For anyone moving back to the UK and needing to transfer funds home the exchange rate will have a huge impact on the total amount of funds you in up with. I post a daily FX market update in the forum below and wanted to bring it to anyones attention who is currently monitoring the rates.

http://britishexpats.com/forum/forumdisplay.php?f=162

EUR: The euro was the week's second-best performer among the major currencies. It found favour after investors began to expect agreement between Greece and EU ministers, on the scale and speed of spending cuts and reforms, which would lead to another €130 billion of bailout money for Athens. It is not a done deal yet though. Greece has until Wednesday to persuade the EU that it is serious, and that today's commitment to austerity will not evaporate after elections in April. The euro has more work to do.

USD: The dollar was unchanged against sterling on the week. There were vanishingly few economic statistics to give it direction and those which might have done so had minimal impact. The only figure really to matter was an unexpected two and a half point fall for the Michigan university index of consumer sentiment. The dollar's safe-haven qualities were not in demand but investors were not inclined to sell it either.

AUD: A -0.1% fall in Australian retail sales and further slippage in the construction sector did little damage to the Aussie. It got a boost when the Reserve Bank of Australia failed to lower its benchmark interest rate, surprising investors and sparking a sharp but short-lived upward spike. Otherwise, a general lack of inspiration allowed the AUD to keep pace with sterling and the two were unchanged on the week.

NZD: Like the Australian dollar, the Kiwi never really got going. It added about half a cent against sterling but only by an accident of timing. Figures from the NZ economy showed the number of people in employment rising by 0.1% in the fourth quarter of last year. That incremental rise was enough to lower the rate of unemployment from 6.6% to 6.3%, suggesting a fall in the size of the workforce.

CAD: The Loonie kept pace with the US dollar, sticking within a half-cent range either side of one-for-one. Against sterling it added about three quarters of a cent. The Canadian economy had little to say for itself. A two-point rise in the Ivey purchasing managers' index showed activity picking up and December's $2.7 billion trade surplus was a positive surprise.