Tranferring money from UK to Australia

australiandollar-britishpound

For people in the UK who are moving to Australia, there’s been some good news over the last month or so with the British Pound strengthening against the Australian Dollar. The GBP has risen around 7 cents over the past month.

Last week, the Reserve Bank of Australia lowered the official cash rate to 2.75%, whilst today there is flat trade on the local share market.

The All Ordinaries Index was down two points to 5,189, and the ASX 200 was three points lower at 5,203.

Weakness among mining stocks limited gains on the market this morning.

A drop in spot gold prices was hurting the gold and copper miner Oz Minerals. Its share price had fallen almost 5 per cent.

Fortescue Metals was down 2.3 per cent and BHP Billiton was 1 per cent lower.

The major department store retailers were out of favour.

David Jones was down 1.6 per cent and Myer was 1.2 per cent lower.

Commonwealth Bank shares were up 1 per cent, NAB was up 1.7 per cent and ANZ had added almost three-quarters of a per cent.

Westpac, which is trading ex-dividend today, was down more than 3 per cent.

The Australian Dollar could weaken further with the RBA tipped to make one further rate cut over the next few months.

 

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