GBP/AUD drops from its annual highs as Brexit momentum slows

The Pound has eased off from the highs we saw earlier this month as the next steps for Brexit have become less clear.

Sterling has risen dramatically this month as UK Prime Minister Boris Johnson has agreed a new deal with the EU that so far has been received well, although his hopes of pushing the deal through before the end of the month as he had hoped are fading.

When will the UK have a general election?

Parliament has voted in favour of agreeing a new timeline for the UK’s departure rather than rushing to implement the deal, and now we’re awaiting an update from the EU as to whether or not they will agree another Brexit extension and also for how long. The general consensus is for an extension up until the 31st of January and the chances of a general election have also increased now which is something Boris Johnson is pushing for, whereas Labour leader Jeremy Corbyn has been less willing to agree to.

At the time of writing the GBP/AUD pair are trading in the 1.88’s and the highest point of the year came earlier this month when they hit 1.9093. The gains for the Pound due to the decreased chances of a no-deal along with the new Brexit Withdrawal Bill have been aided by the falling Aussie Dollar, with the Reserve Bank of Australia opting to cut Australian interest rates to their lowest levels in history.

If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on jxw@currencies.co.uk and I will endeavour to get back to you as soon as I can.

For more news on foreign exchange rates and to request a free no-obligation quote visit www.currencies.co.uk